No, monsters can deal with +2 armor. Really.Because +2 armor breaks bonded accuracy. And cloak of invisibility is an at will 2nd lvl spell, that's why. You can't use magic item rarity for anything, as is well described in the document.
And if you stack it with a +2 shield you end up with a PC that a bit hard to hit for low level monsters. Only if you stack every bonus, then it gets hard to hit, and even then crits and advantage make it imperfect.
And the Cloak of Invisibility is concentration-free greater invisibility with a 2 hours every 12 hours.
It is crazy good.
I mean, I'm not reading everything. I just literally just glanced at a few items, and found every single one of them was worse than the 5e prices.
I mean, maybe they fixed potion of invisibility and a flying broomstick.