I generally find it annoying too, but I think it's reasonable as an option. (Although if it is added as an option, ideally make sure it's possible for password managers to fill in both the email and password in one shot.)
My password manager is faster and easier (and the email flows tend to make that slower, hidden behind a "login with another method" small grey link), email often has deliverability delays, and it's insecure to boot.
I can second that. I prefer password logins over magic links via email. It adds too much friction. I can understand that it might be easier for people who are not using a password manager.
For most services I prefer a combination of password and authy-based 2FA. For very specific purposes, some kind of hardware-based authentication, for example with yubikeys makes sense.
Magic links are great because they essentially eliminate ATO attacks and allow startups to bypass SAML requirements by delegating to the mail provider. I’m 100% willing to forgo efficiency gains of passwords and managers as both a user and developer.
All you're doing is punting your security to my email provider. It's annoying how many companies assume I have absolute trust in my ISP/Google/Miscrosoft/IT.