Even if it should be the very same algo like in the old Magneto (which I never really used) the selectable frequency range might make the difference. This simple parameter set is brilliant in its impact.
Most of my rock/pop-mixes have a good portion of saturation at some point mostly created with the UAD tapes and stuff alike. Still Magneto II as a strip plugin in its default position after the insert slots can add to that in a very nice, synergetic way.
It’s a while ago now that I discovered that for me and the effect hasn’t worn off. On the contrary, it proofs to work really well in the ‘real world’ (finished mixes/masters on all possible playback systems).