SO(3) is definitely three-dimensional, and rotations don't involve magnitudes.
Rotations do involve magnitudes when interpreted as an axis (2 dimensional manifold embedded in R^3) and a magnitide (0 to 2pi)
https://en.wikipedia.org/wiki/Axis%E2%80%93angle_representat...
SO(3) is a coordinate-free abstraction that isn't relevant to the topic of GA vs Quaternions for calculating concrete values in computer graphics