Magik is arguably the best power controller and counters a lot of annoying power gain nodes like flow. Usually, one sp2 and the fight is pretty much over. Awakening her is not essential, but makes her more sustainable and able to recover from slip ups. It also makes her a pretty annoying defender. Definitely worth at least r4 and a mystic gem (especially since you have 2) IMO.
Not at all, just awakened.