Magic level is a huge factor when it comes to using mages. Of course, as you know, levels and magic level both make your character have more damage and also helps you heal more. Tibia doesn't give us exact formulas but some say skills help more than level. However, level to me is very important and I can notice a difference greatly in my attack or healing compared to someone 100 levels under me but has a higher magic level (my druid friend and I team hunt a lot), but this is my opinion on what I see in the game. Im sure so many other factors like equipment go into play. As you skill up the harder it is to get a magic level, so make sure you offline train when you can and participate in xp/skill events. Here are some important quotes from the Tibia Manual:
Sources:
Golden Contribution - Winter Update 2024 contestNovember 24, 2024
Brighid Grand Explorateur - Applying to TibiaQA team as ModeratorNovember 19, 2024
Looking for new TibiaQA staff membersJuly 12, 2024