If you choose to be reborn, you will not have magic powers, but you will unlock a status window and a skill tree that you can use to give yourself new skills and abilities and improve your physical characteristics.
You’ll get the same thing if you choose to be reincarnated, however, magic will be a factor. And the age of the world will be somewhere like 50-ish years before the full rollout of the industrial revolution, technology-wise. (minor clarification, you keep your current knowledge either way)
However, you will not be the hero or the chosen one. You’re just going to be a person with a perk.
I would never choose to be reborn as myself with my current knowledge. I would know how my life could turn out without knowing all the steps I did to get there. I don’t think I would be able to get my wife to fall in love with me and I know that I would never be able to find the exact breeder that sold me my dog.
As much as I would love to imagine how much better my life will be if I made the right decision at some juncture, I would not want to lose out on all the treasure I discovered taking the wrong road.
Sure I would be able to see loved ones who have passed, but would I be able to enjoy that extra time knowing that they will soon develop a disease that will kill them?