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’m assuming that all of the magic would be hoarded by the spellionaires. I’d be stuck in some warehouse loading an infinite number of potions that I can’t afford onto a Pallet of Holding.
I think the greater risk is being forcibly drafted into some sort of magical war because of the fact that you have magical ability.