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.
Anything sufficiently advanced that it isn’t explainable in the current culture is magic.
Considering I’m already a modern day wizard, I’d go for being able to use my existing skills from birth over being born into a society where the laws of physics may not be the ones I’ve spent decades studying. That sounds like a recipe for abject misery and early death.