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I would limit magic by simply using spell cooldowns (i.e., no mana). Within the lore, magic absorbs elements from the surrounding environment, which makes it infinite within a specific planet. However, casting spells on barren wastelands is problematic without an external source. That said, some creatures generate their own energy independently.
Nevertheless, I initially designed the Aberrant faction inspired by Lovecraft, so magic with a threat to sanity also exists, but it's not the classic kind.