It still remains infinite ammo, and an unusually early way to get access to magic resistance piercing weaponry. It does seem primarily based around Melee combat, but that's kind of the Soul Knife's traditional schtick, and still bring able to equip two items on a bonus action is better than the base rules assumption with no Feats or other abilities, which would require an Action to unsheath more than one weapon in one round. In a standard 2-3 round combat of knife throwing, assuming no Feats, this can add up in favor of the Soul Knife rather easily in a sticcato rhythm.
I'm not saying you should like it if you don't, or that it couldn't maybe use some tweaking, but as a third level Rogue Subclass ability, it ain't bad.