If you choose to be reborn, you will not have magic powers, but you will unlock a status window and a skill tree that you can use to give yourself new skills and abilities and improve your physical characteristics.
You’ll get the same thing if you choose to be reincarnated, however, magic will be a factor. And the age of the world will be somewhere like 50-ish years before the full rollout of the industrial revolution, technology-wise. (minor clarification, you keep your current knowledge either way)
However, you will not be the hero or the chosen one. You’re just going to be a person with a perk.
Going to a world of magic sounds pretty sweet, but only if I can remember that I once lived in a world without it. Otherwise, I’m just a schmuck in the only world I’ve ever known, and magic wont be any more fascinating than technology is today.
The current world with knowledge would be more advantageous than a magic world from scratch.