Sword & Sorcery: "An earthier sort of fantasy" discussion

A rare but known form of government in S&S and some consequences

https://marycatelli.dreamwidth.org/12...

Your analysis seem correct. I would add 2 things: 1) this aristocracy would be more prone to believe in divine lineages, and explain the appearance of magic outside its "proper class" by the love of a god, or angel, and 2) it would be a technologically more primitive society, since a wizard could make do with more serfs, and fewer craftsmen (thus preventing technological growth). The 1st aspect might result in clan-cults, where certain magic forms are regarded as proof of sacred bloodlines.

All in all, feudalism or aristocracy in this world, would probably look more like the dominate or byzanteum than burgundy or the angevine dynastic lands.

Much depends on the details of what the magic does, of course.