I think you could have very in depth resource chains needed for magic, at least at a societal level. Various magic ores and rare crystals need to be mined, then smelted/refined with special woods, chemicals, etc. Large scale magical infrastructure requires a both a massive investment of hard to source resources and skilled enchanters/engravers. Magical ability would probably be something tracked similarly to literacy, and be a requirement for many professions.
At the start of the game most resources would be "wild", with adventures going out to harvest the mystical plants and slay various beasts. Magic is taught primarily through apprenticeship. There is a strong political game of trying to tempt the powerful adventurers/wizards to your city/empire. Adventurers would be similar to peasants as a sort of common, "default" job. They'd probably be decently profitable, however with a very high mortality rate, sucking pops from your other professions.
Then, as time goes on, civilization grows. The magical beasts are domesticated. The rare, wild herbs and trees are farmed. Academies of magic are opened. Battles are won not by lone heroes, but by brigades of coordinated mages and foot soldiers armed with mass produced mithril. The steady increase of productivity means things like teleportation networks are now common, simplifying supply chains massively and facilitating global trade.
I think it would also be interesting where you can't afford to destroy the Dark Forest or kill the Dungeon of Evil because they are important pillars of your economy and keeping your empire stable, even if they promise to be world ending threats in the future. Similarly, different wants, needs, and bonuses from the various fantasy races, and the resulting societal tensions if you try to have multiple living together. Laws regarding different schools of magic: Do you ban necromancy to appease your "Church of Light" interest group, or do you want to exploit it for a cheap workforce? Do you allow independent paladin orders free reign, or try to curtail them?
Overall, I see a lot of potential here, but I do think it'd have to be a brand new world rather than an existing IP. The world would need to be designed economy first, since so much of Vicy 3 revolves around that.