No, it does not cause two transforms, an additional trigger will find no card in the graveyard
Others like Enchantress's Presence from Onslaught and Sythis, the Hidden Hand from Modern Horizons 2 will draw cards to keep finding shrines
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Much like the Overlord of the Hauntwoods, this blue Overlord can come down as early as turn three with its impending ability, becoming a creature after four turns pass
Modern Horizons 3 s Phlage, Titan of Fire's Fury is very clearly a Boros card, but playing around with the graveyard is something the color pair doesnt do that often
If the enchantment was an aura, the game will require you to attach that enchantment to a viable target as soon as it re-enters (if there isnt one, the aura will immediately go to the graveyard)