Wicc
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Well, our game is called Heroes of Might and Magic. Both hit-and-run tactics and magic should be used equally.
If you're not sure you won't get badly hit by your opponent's magic, don't attack him unprepared. Who even introduced hit-and-run? Someone who often suffered from magic?
Here's an example that immediately comes to mind:
You have a strong stack in your army – for example, 50 Archmages. Your opponent arrives. You have the fastest unit speed... You attack with 49 units, and with the 1 remaining unit, you buy them off... I think it's not a problem to gather 100,000 gold in the game on a high-level map for buy-offs, especially if you level up diplomacy and have artifacts for diplomacy. You can do this trick many times.
So, this is allowed. What's the problem with magic?
It also increases the importance of the Red Sphere spell; attacking without it becomes not a very wise move, which also prolongs games and reduces the number of final battles with magic (which are more interesting than final battles without magic).
A power-based hit-and-run is much more difficult to execute, so, despite its legality, it is used quite rarely. Has it been mentioned even once in reports in the last year?