Sword of Spirit
Legend
1) Neither version you present is consistent with the wording of the spell.
The first version is consistent with a reading of the spell that admits an omission in paragraph three--which is filled in by p. 47 of the DMG. The DMG literally says you can do something with astral projection that the PHB does not say you can do. It directly specifies that it is unique to visiting an Outer Plane and references the metaphysics of such, and gives this as an actual reason why character might prefer this spell over other methods of planar travel to the Outer Planes.
I don't know what happened in actual writing. Most likely they wrote the PHB first, and then changed their mind slightly and gave astral projection a special benefit regarding the Outer Planes. Either that or they forgot that the PHB didn't say what they were writing in the DMG, and thus didn't realize they weren't being entirely consistent.
In any event, that interpretation actually makes the spell potentially worth the king's ransom in material components and a 9th level spell slot, which lesser interpretations do not.
In what way is the second version inconsistent with the text of the spell?
2) you're overlooking the benefit of Astral Form - you cannot die on the astral nor, really, get lost. You can always follow your cord back. With plane shift, if you die on the astral, you're dead.
The spell pretty much requires you to use extant portals.
It's very safe - almost nothing but angry giff will be able to kill you. If you get lost, you end up back where you started.
That benefit seems entirely underwhelming. If I can cast a 9th level spell, I don't have a problem getting home. I can just cast gate if I get lost, or plane shift and then teleport back home. If you are only immortal while in the Astral Plane, but your destination is an Outer Plane, why not just plane shift straight to the destination? I hear the scenery isn't all that great in the Astral Plane anyway. Sure, if you know the Astral location of a specific Astral portal that reaches a specific destination on another plane that you want to reach, you can use this method to get there. Or you could just cast gate. The only thing this spell does that you can't do cheaper and faster with another spell is allow you to be immortal on the Astral Plane itself, which immortality requires you to constantly look over your shoulder so that the plane's most common inhabitant, who happen to be lawful evil and territorial, doesn't come up and turn your asset into a liability.
I'm sorry, but it might be worth it as a 7th level spell competing with plane shift if they significantly reduced the component costs, but it isn't worth a 9th level spell and all that cash. Apparently the designers felt similarly, due to how they presented the effects regarding the Outer Planes in the DMG.