The deluxe badass combustor

I acquired this late game. I mean level 72 playing on mayhem 10 late in the game. Does this mean the shield effects are basically pointless? Should I even keep it? Should I throw it in the vault never to be seen again? I had it equipped and thought the effects meant through mayhem 10 but I'm beginning to believe it is meaning LEVEL 10 and not mayhem level 10... can someone tell me?