Is just me of does it lower physical damage negation?

TLDR:

For PvE
-it's the only really worth burial gift. It will be useful early game, until you fill up the ring slots and need to free it up. It might still have its use if you run a tanky high vigor build, but it becomes underwhelming mid game.
If you get to your third run and still can spare the slot for 10% HP then it can be a permanent fixture, but you're likely to find yourself really wanting to free up the slot.

For PvP the story is totally different. And most advice in this wiki's comment sections seem to focus mostly on pvp

Ring of the tiny being

This ring is not just 10% more HP. Its 10% more accuracy to not overheal with estus in PVP and get more bang for your bucks since staying max health is important.

ahhh, you were at my side all along.....

If only it were +15% HP like it is in Dark Souls 2, it would be more useful.

Nobody should use this ring and here's why. Assuming your vigor is 36 (decent vigor for 125 meta SL) and assuming you're wearing the Ring of Favor +3 (which you almost certainly would be if you're planning on wearing Life Ring since RoF is much better), you'll have 1226 HP. Equipping Life Ring +3 on top of that gives you 1329 HP, an addition of 123 HP. If all you're looking for is to add more HP to your build, you're much better off just using the Sun Princess Ring instead, which regenerates 2 HP/second. That means you only need to spend 62 seconds without max HP to benefit more from Sun Princess Ring. If you DON'T spent at least 62 seconds at less than full health, that either means that you spent a lot of time in the battle at full HP, which you didn't need any help to begin with from Life Ring or you died too quickly, which mean the Life Ring probably wouldn't have help either. Sun Princess Ring could add significantly more HP to your pool depending on how much time you spent without full HP. Also, Sun Princess Ring can be swapped anytime without having to worry about losing its benefits. Unlike Life Ring, which if you take off and later put back on doesn't add the HP back. Sun Princess Ring also helps you not die to a throwing knives or chip damage if your Tears of Denial pop. Life Ring is outclassed by Sun Princess Ring and Ring of Favor. It's even outclassed by Estus Ring, too, if you plan on chugging. Also, it's just kind of boring. It just adds a flat 10% to your HP? *yawn* Don't use it.

qnyone has a +3 to spare?