This spell occupies a significantly higher spell slot than See Invisibility without any meaningful advantage over it. After all, Protection from Alignment already grants specific immunity to Phantasmal Killer. What use is another layer of that?
I would like to suggest that its base effects be modified to include Ultravision, to give it a little more utility, as the original True Seeing spell did grant sight through darkness and the current version was made to remove the automatic detection of stealthed creatures.
Furthermore, I would like to suggest that with SF: Divination, the spell should grant +5 Spot. And that with GSF: Divination, the spell should grant +10 Spot.