Oh I see the problem here. Yes. Morgana is a balanced champion. She has drawbacks and counterplay.
I can see why you would think these things are bad if you're used to garbage design of modern champs which generally have no counter play on release.
Morgana is not an initiator without landing Q generally. You seem to be confusing her with myriad other champions that can be effective while also missing half of their abilities. Sorry this ain't Leona or Nautilus who can whiff all of their basic abilities and still CC you to death.
Generally speaking her ult is most effective as anti-dive. Someone attacks your ADC and you hit ult. They either kill your adc in 2.5 seconds or they'll be CCed for eternity. It even has invisibility reveal. So Akalis, Talons, Shacos, and the like can be stopped from diving your ADC.
It's a good ability.