Nah, you just aren't stacking them appropriately.
Here are some of the talents you need:
Path of the Magi
Evoker (preferably several levels of it)
Fire Archmage
Anything with +Initiative.
Anything that reduces the mana cost of combat magic.
Use a staff or dagger that gives +initiative. Don't wear armor. Don't use a shield. Cast "Haste" as your first spell, if you've got it. Of course, cap every shard you can see.
Also, be careful how you use some of the spells. Lighting storm (the random one) is only particularly good when you are certain it will hit a high health target. Fireball is *amazing* at wiping out groups of stacks (since the damage is per figure, not per stack, and it damages all adjacent squares as well).
Finally, although the lower-level strategic damage magic is "inside your territory only", I believe the higher level stuff, like Tornado, or Pillar of Fire, is not. Some of those strategic spells are really quite amazing.
I have not extensively explored magic yet, but I think that there are *at least* two different "powerful" paths to take your mage: A) The ultra-buff, heal-all mage that turns your melee units into amazing fighters, and
Mega-blast DPS utilizing fire spells. I prefer the later path; and with the right talents/spells, this is easily do-able.
I'm not that far along in my current game, but I'm having an absolute blast with Lady Pariden, one other hero (I think Snvyvd? The axe guy, he makes an okay fire mage), and stacks of 3, relatively wimpy melee units (Shield, Axe, Leather armor, 5 figures per stack). I've killed Torax the destroyer of mountains, ogres of all shapes and sizes, and huge hoards of spiders, wolves, and imperials.
Don't underestimate fireball
I hate to say it, because I love magic, and prefer to play all 4x fantasy games with magic, but I suspect that at a high level magic may actually be slightly too powerful. Then again, IMHO, that is how it should be.
The one thing that I would like, if it were possible, is more global "effect" spells. I'm thinking global enchantments along the lines of Dominions 3 or MOM. You know, the spells that spawn random zombies in your town, or "darkness", the one that reduces ranged units damage by 90%, plus productivity. I think a few spells like that at a high level, spells with a very high per season maintenance cost, would complete magic in this game.
Haven't really built up a fire champion, but I almost never use offensive spells in this game because they do very little damage. My champion can summon lightning from the sky and do almost as much damage as a standard melee from a bunch of low-level spearmen .
Haste, Grow & Shrink are pretty much the only powerful spells in the game. Which means that melee is the only way to win. You can toy around with other spells, but in the end you're going to need to get your guys and poke the baddie with a stick.