I guess Earthsea is escapism in the sense that all fantasy offers an escape from mundane reality, but it's certainly not a wish fulfillment fantasy in the way Harry Potter is. As a kid I liked the books but I remember almost rewriting them in my head to be more "fun" and heroic. The world and the characters were strong enough to overcome the lack of fireball duels.
Yes, those were some of my favorites as a kid. I think I read them about the same time as the Lord of the Rings. Rocannon's World and City of Illusions too, those were memorable.