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.
I would like to experience something new, so would go with magic. As long as it’s not too wrapped up in religion. I’ve enjoyed my arc here, but don’t need to repeat it - and safe from being a chosen one is itself a perk.