Yeah, comparing fiction to the game does not work, unless you run a sole game.
In Wheel of Time Rand is THE MAN. Best sword fighter, best channeler (mage) and the most powerful person in the world. Makes for a nice story, but I would not want to play a 5-6 person game with another player being Rand. In fact I would not want to be Rand. Even the second person in the group would be a fifth wheel.
In a game there needs to be some kind of balance, real balance across all the levels. In 1E, or better, 2E, he wizard was terrible. One friggin spell at first level. What fun! Shine in the party for 6 seconds a day.
Now it is better, but the wizard needs to contribute at all levels, and not totally dominate at all elvels.
I still feel that the wizard will be more powerful at higher levels, especially outside of combat, if spells like teleport, scry and such are left in. But in combat they will not as much.