I seriously HATE magic links. My email inbox is barely better a social network's time suck. Lots of urgent, little important, wrecks any flow I had.
Forcing me into my inbox is highly likely to cause me to forget about the reason I was there (to get into your app). Or, at best, it slows me way down and nearly always breaks my flow.
Perhaps this is acceptable for the security boost (?) for the average user, but man, when I get forced into magic links I sometimes just abandon the app altogether.
Disclaimer: 1. I have/pay for a password manager, which helps with the forgotten password problem a lot. It also allows me to have extremely hard-to-crack passwords.