What, you mean the "traditional fantasy" where wizards are always the badguys or not or rarely involved in the story as a direct actor, rather an an advisor/guide or living macguffin?
Certainly no definition of "traditional fantasy" I've ever come across features works with D&D-style wizards (unless you're talking about D&D-derived fantasy, which would be pretty incestuous!), and even if we get into the realms of "Weird Fantasy" and the like, then you have go for something like Malazan (which is D&D-derived, albeit distantly), and also definitely fits the "Superheroes" model, not the "traditional fantasy".
So yeah, no, it definitely isn't that simple. It's actually very complex and non-binary, directly contrary to your binary assertion - there's a definite sliding scale which goes in multiple directions, and nothing "traditional" about "fireball" or the like in fantasy.
Don't forget the wizards in Earthsea or The Dying Earth series.