With the release of Terminal Directive, and many Criminals looking to Abagnale as the Criminal Decoder of choice, Peregrine may seem to be a distant second choice (or third, if you count Passport. But is it, really?
Abagnale has a cheaper install cost, and (generally) more efficient breaking cost while having the same strength and MU cost. The only exception is in the case of strength 5 Code Gates - of which you'll most likely face Fairchild 3.0, Tollbooth, and Mausolus - or strength 8 Code Gates, both of which are unique; Fairchild and Orion.
What about their extra abilities? Abagnale allows you to trash it to bypass ANY code gate, but unless you're packing extra Decoders, or have a reliable strategy to recur it, you better be stealing that last agenda. Once in the bin, it's also vulnerable to Ark Lockdown, Chronos Project, and the ability from Skorpios Defense Systems: Persuasive Power.
Armand "Geist" Walker: Tech Lord would also benefit from the trash ability, especially with Tech Traders to sweeten the deal.
Peregrine's ability not only requires you to pay to break subroutines, but also wants you to pay 2 more creds to derez that ICE. And that doesn't even include the cost and the click to re-install it!
When's a good time to use it's derez ability, then? When the Corp is too poor to rez other high strength Code Gates, and you can easily exploit in-faction Criminal econ cards such as Temüjin Contract paired along with Desperado to regain creds easily.
Los: Data Hijacker also has some indirect synergy with Peregrine, and works decently enough even without Compromised Employee or Ice Analyzer.
So, what's the conclusion? Peregrine is a narrow, specific hate card that excels at breaking some of the most common strength 5 Code Gates, but you definitely can't use it to derez ICE as easily (recklessly?) as Emergency Shutdown. If you are able to steer the board state to favorable conditions, though, you'll find out that few other breakers does 2 functions like Peregrine, saving you precious card slots for other Criminal tricks you want to pack.
A decent breaker against Glacier matchups, but you probably won't see this in Shaper or Anarch decks.