Yes, your magic attacks are more powerful. However some attacks seem like magic but base from Weapon Damage (Impulse for instance is a Weapon based Skill)

However, this pool can be built up using the character Attributes or Glyphs. So you can put all the points into Health and use Glyphs for Magic and get increased spell power. Of course you can put your attributes into Magic, and the use Magic Glyphs, but you will be real squishy then.

Remember, Health keeps you alive, the other two attributes are for dealing damage. You can damage somebody if your dead.