And see, there's a really big reason for that. "The people have spoken," as it were. You call it "sanitization," but consider all the stuff spellcasting used to have that it has slowly shed over time: hugely long memorization times (major inconvenience), risking serious harm by casting (random nastiness, and the "random" is equally important), having no control over what and sometimes whether you learn new magic (major inconvenience), complex rules for how particular effects alter due to current situation (too fiddly/complicated/wastes time)...
Just about the only limitation on spellcasting, outside of daily resource expenditure, that hasn't been removed or radically weakened is expensive material components (even 4e included them--for rituals). Concentration has technically stuck around in some form, but I hazard to say that 5e Concentration rules are much more lenient than they were previously.
And none of that even takes into account the plain fact that the relative incompetence of frail cloth-wearing gits in (physical) combat has steadily decreased with time due to other Quality-of-Life tweaks to the rules with time. They're still the bottom of the heap, most definitely, but it's been a long time since a Wizard could be killed by a housecat--and general public opinion seems to be that that was a good move.
I think this is spot-on.
Magic was "magical" because it was huge effects that were completely overtuned to what the "normals" were doing because there was so many chances for things to go wrong. But that only happened after months and months (if not years) of adventuring doing jack-all because they had barely any magic to speak of. So yeah, those eventual big-ticket spells seemed more "magical" nine months down the road... because the spellcaster hadn't done crap before then except throw a Magic Missile once or twice in the afternoon or maybe Identify that dagger the group found.
Doing barely any noticeable magic for so long before finally reaching a level when you could actually throw spells relatively consistently throughout the adventuring day certainly gave the entire group the feeling of "Wow!" But I can only speak for myself when I say that all those adventuring months you as a player had to go through to get to that point could really, really suck and be boring as hell. And is exactly why there were so many Fighter/Wizard and Thief/Wizard multiclass characters back then... because every player knew they needed that second class in order to actually DO STUFF during a normal adventuring day (cause god knows they weren't when they were only leveling as a Wizard.)
So I for one think the exchange of "more frequent" instead of "large" makes playing a Wizard much more viable and interesting and I'd never want to go back to the old days of playing a wizard. And if I had to... I'd be a multiclass every single time.