Yes but generally magic links are only used for authentication. So if you delete or downgrade the principal whoever uses that magic link to authenticate can only perform the operations that are associated to the principal and the check is performed after the magic link is verified, unless the magic link also used to carry auth claims

Clicking on links in emails is a security risk because they could be spam. I don't do that unless it's the only way to move forward and then I double check the url. Basically I only use it to sign up then never again if possible.