In magic it’s all about what you get for a specific mana cost.
You start out with a 1/1 for 1 mana and a 3/3 for 3 mana, etc. If you add abilities (say flying) you need to take something away. So now your 3/3 for 3 becomes a 2/2 flying for 3.
Same applies for how many cards you can draw, how strong your kill spells are etc.
Magic does a really really good job balancing cards over decades. Cards that are weaker than average don’t get played in formats where the stronger versions are available. But they can be considered playable when all players receive cards that came out at the same time.
However, every so often they push a card too far, and then it gets banned. Some are banned temporarily, and some only in specific environments.
Yes, a number of cards get banned every year, but we’re talking hundreds of new cards coming out each year. And quite often a card gets banned for a game breaking interaction with another card, rather than being overpowered on its own.
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