No, they aren't similar in mechanism. As you may have seen, Magic focuses more on Hax, such as Mind control, Corruption, sealing, possesion, Soul manipulation, creation, etc...., Whenever you get a physical increase, such as Power bestobal or statistics amp is thanks to a Magical ability, but not from training or your own strenght.
Rather gaining power from absorbing or being granted by someone else though Hax.
(AKA Dark Magic from DBH, which Towa uses to manipulate some villians, or the power bestobal from Moro, which he used to boost his goons).
Magic was never shown to be applicable for destructive pruporses, unlike Ki, that with enough amounts you can blow up universes lol.
Also, what do you mean about Babidi not handeling It in his body? His Magic Power is heriously above his Ki levels, that's why he could handle Majin Vegeta's and Majin Buu's attacks.
Babidi is not even Comparable to Saiyan saga Vegeta in terms of pure AP.