Categorized view for an entity reference content
Drupal 8 taxonomies are entities so you can add custom fields, images (magazine covers), icons, as well as using for classification.
It doesn't sound like the Magazine &quot;content type&quot; is that complex, more of a catch-all for a listing of all your various articles and content related to each magazine, so that (Magazine as a taxonomy) would be my inclination in this situation.
The classification features of taxonomy work better out of the box than if you were do something custom with your content type.
I'd have 2 taxonomies for organising topics by:
(1) Magazine
(2) Topic
If you are doing - or envisage possibly doing - something more complex with your Magazine type at a later stage then content type rather taxonomy may be the way to go.
As always with Drupal, there's more than one way to do it and you have to weigh up the pros and cons taking into account: ease-of-use, navigation, theming, scaleability, overhead, etc.