Teleportation Potion

Random teleports are only useful while most of the world is still dark on your map. Early on, drinking one of these is the fastest way to reach places you would otherwise spend an hour digging toward: a Floating Island, the Underworld, some untouched cabin nobody has looted. Once the map is mostly filled in, it is just a slow way to end up somewhere inconvenient.

You always land on a solid surface and never inside rock, so there is no suffocation risk. It also refuses to drop you inside the Dungeon or the Jungle Temple until you have earned entry the normal way, which closes off the obvious shortcut.

Bring a mirror, a Recall Potion or a Potion of Return before you drink one. Landing on the far edge of a large world with no return option means a very long walk. If you have nothing on you, quitting to the menu and rejoining puts you back at spawn.