Yes. It's difficult to foresee a situation where we'll be so desperate for goods that a spell producing 50-100 goods will be advantageous. In fact, making and storing this type of low level spells (using relics) seems unwise - if later spells produce a real advantage we'll want the relics available to produce them instead.
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I appreciate what Muf-Muf said about the "bonus on bonus" and continuously looking at the game to determine how to balance. Within that thought, if the Magic Academy gave the "bonus on bonus", we might consider re-evaluating the composition of our cities. Perhaps we could demolish a manufactory or two and build some culture or even a relatively useless Wonder just because we don't quite to much mind allocating the space. Even if Inno doesn't find this appropriate, if the Academy added to our score, complaints would be considerably less! Many of us work hard to squeeze every possible score point out of our available grid so, personally speaking, the prospect of deleting 2500 points from my game is just unappealing. Really, the same can be said of the Wonders - they should add to our score (increasing with every upgrade). If this were implemented, we'd all be building them happily.