Earlier quoted context omitted.
Being an identity provider for anything important is the freaking worst. Exposes you to a million problems. You need human support for login problems and lost MFA tokens, and you are an attack magnet.
Which is why you want magic links. Don't be the identity provider, have the email host be the identity provider (which it is anyway if you have a forgot password prompt). Agreed 100% that nobody should still be using passwords in 2026 though.
The only time I like magic links is for services where I am "not really a user". For example, an appointment reminder for my doctor where I need to validate my insurance. Great, send me an email 24-hours before with the reminder and a magic link, as I don't want to think about an account there.