If you choose to be reborn, you will not have magic powers, but you will unlock a status window and a skill tree that you can use to give yourself new skills and abilities and improve your physical characteristics.
You’ll get the same thing if you choose to be reincarnated, however, magic will be a factor. And the age of the world will be somewhere like 50-ish years before the full rollout of the industrial revolution, technology-wise. (minor clarification, you keep your current knowledge either way)
However, you will not be the hero or the chosen one. You’re just going to be a person with a perk.
Would it really matter if we get reborn? That implies pretty strongly that death isn’t the end. Sure, you could choose to be a hero, or at least try, but all those people already died, maybe even you did (depending on how this whole thing works).
Given those surrounding circumstances, I don’t think the concepts of life and death would carry the same weight in a second run through life.