First off - the title "Fantasy Magician" is misleading, and feels like an attempt not to get sued. Like mobile games named "Mining Creation", or "Floppy Birdie".
This is an adaptation of the Thousand Faces of Dunjia, yes like the Yuen Woo Ping movie from 2017.
I thought the tendril demon and a creepy little person with clown makeup looked familiar, so I checked the Chinese name of this. And yep.
(the little clown is a reference, as far as I can tell, to the old adaptation - Miracle Fighters, where a creepy little clown lives inside a jar. And MF is by far the most entertaining of these three movies, and has two sequels even!)

I'll just quickly compare this to the YWP 2017 film.
- the story is simplified, it feels more compact and understandable.
- the actors are not as good, but the characters have some development.
- the CG and production value seems cheaper, but still very watchable.

Overall this is a fun, if forgettable little movie about the Avengers, wait no, about the Power Rangers...no, about secret demon hunters fighting aliens. Fighting demons. Yes.
It's ok.