Do keep in mind, her E is actually toned down from the original version of it.
Her E used to not only prevent CC, but remove it from any target if you cast it on an ally currently experiencing some form of CC.
Her kit is in a good and bad place, depending on whether you prefer her to be a mid laner or a support.
If she is intended to be a support, changing her ult and how her E interacts may be ideal, while if you want to play her mid lane you may want to change her W and Q perhaps.
Lasagna's (Zhonya) is still a good item on her, but I find a more useful one currently to ensure the ult finishes on targets of opportunity early/mid game is protobelt. Her teamfight is still great, and the ability to force people to scatter is a key function of her kit, but with lowered AP on current Zhonya you can't expect to actually burst or have meaningful damage without teammates, something old Morg used to be able to do and current Morg struggles with on a first item buy Zhonya if needed to survive.
I find just enough HP to survive mid game teamfights and building Zhonya 3rd or even 4th is more useful as a mid game item, since rooting until the next game starts usually has enough benefits that your team can play around the picked target. As a support I could argue Zhonya is more useful since extending deep into the enemy team and ulting/Hourglass forces them to scatter or get stunned, allowing your team to pick up extra damage/kills from it. However, you're still super dead as a support Morg at that point.
I digress though, we're talking about her E.
Morg is a tactical pick who will always be okay in lane, be it bot or mid, because of her kit. You may never expect her to win lane, but you should always expect her to be relevant due to the combination of skills she has to offer engage and disengage. Building a team that doesn't have a spell strong enough to pop her E on a carry is a noticeable risk in champion selection depending on what your team is trying to draft together. Just as picking Morgana offers very long cooldowns (even with CDR) to counter her.
Until, or if (I don't work on champ design or reworks) Morgana has a rework, expect her to fill that duality of an average midlaner who will hold it down and start fights, or a support who gives a get-out-of-jail free card every 15 seconds or so late game, and once her E/Q are down, has no defensive capabilities but to all-in or flee.
Poke her with physical damage. Bait out her E and then crush her once it's clear. Make her burn long cooldowns on the threat of being killed. Her E isn't a huge problem if you figure out how each player decides to uses it in game, then abuse it. Perhaps that's too much attention needed to do the job, but that's an easy way to play around her.