No, it's considered to have just entered play, so it can't attack.
Its got a better going rate than Dissipate, and in the early game it should work just as well, if not better
The effect is a bit difficult to fully understand at first, but even when you do, you've still gotta put in some more effort than you normally would for most other cards in the game because of how much you have to keep in mind
Stoic Farmer
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If your opponent summons a powerful monster to the field while another copy lies in the graveyard, activating Called by the Grave to negate and banish the graveyard copy will also negate the copy of the card currently on the field, making it a powerful counter and one of the most important spell cards in Yu-Gi-Oh