I don't think naming this stat "magic" makes sense and that it should be named "alchemy " instead.

Perhaps, but leaving it as "magic" leaves it more generalized for support, so im not inclined to change it to be even more specific

(Although this is giving me the idea to expand how to get it, such as totems of undying also giving some magic xp)

Potions and totems sound like "witchcraft" to me.
"Magic" does make sense though.
You can go ahead an close this issue if you want. Thanks!