And yet people have differing levels of magicka available to them.
There must be some kind of physiological effect, even if it's just as minor as the more magicka you have, the more aware of it you are (maybe you get static shocks occasionally when you touch things, or something).
Yes, that's true. But having depleted magicka wouldn't weaken you, it would just make you feel mundane.
Now, the act of using magicka would probably strain the body and mind.