It is a matter of depth, CZ. The depth of history when you talk about cycles of magic, and things that happened during the last cycle coming forward to affect this one adds a wealth to the setting that you just don't get in any other cyberpunk setting. Especially since it isn't slapped on like cheap DLC, but is woven into the backstory. You can't understand the politics of the Dragons and Immortal Elves unless you know about the Enemy that they both fear. You cannot understand why Dunkelzhan feels it is so important to put a bounty on blood mages in his will unless you know that blood magic can bring the Enemy here quicker. It is part and parcel of magic's influence that there are magical threats out there. To me, it is the difference between flatscreen and simsense.
To put it another way, let's look at something solely within the fantasy genre. The Hobbit is an enjoyable read, and there are some hints at the world beyond the story there, but all in all it is a fairly generic fantasy setting. Then you have the Lord of the Rings, and the Silmarillion, and all the other stories written in that universe, which take that fantasy setting, and turn it into an epic world. This is the difference that adding history, and epic threats beyond the ken of mere mortals, brings to the game.