I don't take credit for this spell which I found on DMsGuild, but I am wondering if it is balanced:
Casting Time: 1 action
Components: V, S
Duration: 1 hour
You extend your senses to perceive the near future. For the duration, you gain the following benefits:
You have advantage on Wisdom checks and initiative checks
Once per round, then you hit a creature that has not acted yet in this combat with an attack roll, you deal an extra 1d8 damage of the same type as the attack.
If you are surprised, this spell immediately ends and you lose the surprised condition.
If you are attacked, you can use your reaction to end this spell and give yourself +5 AC, including against the triggering spell, until the beginning of your next turn.
If you roll a Dexterity save, you can use your reaction to end this spell and give yourself advantage on the roll and all other Dexterity saves until the beginning of your next turn.
The spell would be available to wizards at the least.
Is this balanced against other spells of its level? Are there any other balance concerns I have missed?