Answer

This is a complicated question in practical Jewish law.
First, it is not clear that writing for the sake of study is required. Second, if people have in fact already studied from it, then the stage of mere designation already passed. And third, with a printed book that was not handwritten, there is doubt whether it has the status of a sacred book at all. (Regarding rescue from a fire, Rabbi Yosef Porat wrote in Tosafot on the chapter “All Holy Writings” that printed chumashim and books of the Oral Torah have the same status as a Torah scroll. But there they were still writing them by hand.) And perhaps the divine names in it—especially if they are written without dashes and the like—are no worse than substitute names or allusions (such as “God,” which is common in print). Finally, if the book was bought for “protection” (as is common in our circles), there is room to relate to it as a book written by a heretic.
In summary, even so, I would place it in genizah. That is the accepted approach, and I am not sufficiently convinced to change it.