It really doesn't matter if you can deal tons of magical damage every turn with utility because your damage type is different from that of your teammates. You might deal 100 damage this turn, but only 10 really goes to the healthpool because the other 90 have to go through magic armour first.
With a hybrid comp of 2 magic 2 physicals, your enemies effective health pool is greatly increased because you have to burn through both physical and magical armour to kill them. Meanwhile, a comp like 3 physical 1 mage will only have to deal with physical armour on one character and the other two teammate can proceed to rekt the actual health for a kill.
This is why it's way better to invest about 4 points into memory and give the healing all the great support and debuff spell and don't bother with damage stuffs, because if you're the only mage, you will never be able to break through the magic shield fast enough before they already die from the physical damage stomp.
And even if you invest in mem + damage, you still have a lot of disadvantage compared to physical damagers
-Your talent will only synergize with a certain element while 2h/archery will boost every possible damage. 2H for example, is a really ridiculous one with both weapon damage and crit damage in one talent.
-Your real advantage is the guaranteed hit rate but that is removed the moment you gain access to "Bless" and can easily have near 100% hit rate on every target with physical damage
-You can't crit without the perk and even when you crit, the chance is reduced.
-Enemy resistance value varies unlike physical. While this sometime work in your favour, majority of the time, it doesn't.
It's because mages have these weaknesses that they are weaker than physical damager.
I'm really disappointed that the highest magical damage source in the game is not a mage casting spells. It's a mage wielding staff with 1 in Warfare, abusing Rage crit with warfare skills for huge AoE magical damage (anything elemental like air,water,fire = magic damage that scale with str or int based on weapon type). To further increase this damage, have someone else cast rage on you for the guranteed crit buff and and use your rage on the stronger enemy to -100% their resist to your damage. This stack and you end up playing with a *3 or even *4 final damage multiplier (crit and negative resist)