Why does EM radiation travel much further than the magnetic field of an equivalent power electromagnet?
Magnetic fields falls away as the cube of distance (reference) but in the presence of an electric field of the correct amplitude and phase, they are much more self-sustaining and fall away individually as 1/R. That makes a huge difference to the distance they can travel.



EDIT to avoid confusion by the reader

The power of an EM wave is the electric field multiplied by the magnetic field - therefore, two fields decaying as 1/R produce a power that decays as 1/\$R^2\$