Yes, my first instinct is to parameterize the scenario and explore what it would take to make the fight fair -- or at least interesting. Obviously either side could win a decisive victory, depending on how we set the ground rules, but simply saying "it depends" isn't very insightful either.For the question to make sense, you'd have to give both sides equal resources; otherwise it's a no-brainer.
In the first installment of The Veil War, the "goblins" clearly have something akin to protection from normal missiles working for them. Their "mojo" deflects even sniper rifle rounds -- but it doesn't seem up to the task of deflecting whole volleys of fire directed at one target.I think small arms fire is in the magic's favour - protection from normal missiles is a gamechanger there. I don't know how that scales up to larger missiles, but a modern military is very heavily dependent upon "normal missiles".
The second episode emphasizes that air superiority -- but only in the absence of dragons.The area where the modern side wins unquestionably is air superiority. Even with griffin riders or dragons, the magic side has nothing that can engage a modern fighter jet - either in terms of speed or in terms of engagement range (the fighter jet can attack from miles away). The modern side definitely dominates the air, and that's gonna make a big difference.
I'm trying to imagine how flying beasts might be superior to aircraft. They should have nowhere near the speed and power, but they should be quite agile, and I suppose they'd have little radar or infrared signature. Breathing fire might change that last part. I suppose helicopters might find themselves vulnerable to being grappled by dragons, but I can't imagine a jet facing much threat, and autocannons should rip apart anything without magic armor. Maybe a dragon would find it trivial to stay out of a fighter's line of fire?