One of my favorite YouTube channels is PBS Digital Studios' Storied, which has a number of series on various literary and literature-adjacent topics. One of the them is It's Lit, which is the one that is actually about literature in general and literary matters. The latest, narrated and hosted by author Lindsay Ellis, is on Magic Realism as a genre. It focusses a lot on the history of the genre but also outlines what defines it.
I haven't read the Latin American authors associated with the genre, but have read some authors whose work definitely hits on many of the points given in the definition. Robertson Davies, a noted Canadian novelist of the mid-late twentieth century and one of my favorite authors ever, definitely got into magic realist territory more and more as time went on, with his last four or so novels being pretty explicitly magic realism.