There are users out there (likely even people that you know, because statistically it's a lot of people) that habitually never remember passwords and their logi

There are users out there (likely even people that you know, because statistically it's a lot of people) that habitually never remember passwords and their login flow is almost always "Click Forgot Password, Enter Email, Receive Email, Click Link, Enter new Password they also won't remember" so from that perspective magic link flows save at least two steps! Even power users that have trained themselves to use a password manager generally have more steps than they think they do to open the password manager, enter master passphrase/biometrics/etc, copy and paste the password.