To me as in my view of the magic in this world is that it’s considered to be a living being. Magic is the moving essence that keeps elements and living beings the way they are and it’s an always flowing form of energy. The usage of magic isn’t as much as conjuring something out of thin air, as it is molding the surrounding essence ( which is nigh infinite ) into the shape the sorcerer envisions and wishes to use. Now the use of magic is considered a gift from the gods, but in all honesty everyone ( in theory ) has the ability to use it, some just are naturally good at it. Seeing magic as a well-known phenomenon the kingdom has attempted to regulate the usage of it through the means of schooling and laws. Some follow these laws, some don’t. Some are schooled in magic, some aren’t. 
Oh and as example of laws surrounding the usage of magic is this one;
[list][*]One shall not use magic as a way of harming those around him, unless specifically out of self-defense against another form of magic or when placed under military law instead of regular law.[/*][/list] 
This law has some form of loop-holes due to the inability to distinguish some wounds caused by magic from those who were not caused by magic. Also, mercenaries fall under military law and are thereby allowed to use magic to harm others. It’s a crooked and horrid system, and that’s why I like it.

Religion is a key aspect and is incredibly wide, religion differs in each area of the continent, and religion and views on magic are inheritably tied together. Let’s apply Plato’s Cave here, where Plato says that every person sees the world differently because we’re in a cave, we can only see what come through the light from the cracks around us, we have no idea what someone else envisions as a deity or a form of magic. A lot of religion(s) in this universe are polytheistic, meaning those who are religious believe in the existence of multiple deity like entities. Deities in the North are for example much more animalistic and spiritual than the deities praised in the cities, due to the lack of contact between the two places and their surroundings. 

Deities or Gods can be either of two, as you mentioned, something someone puts faith into and beliefs in ( thus making it worthwhile for them ) or actual beings of a ‘greater’ realm. The line between that is extremely vague due to the conflicting views in religions, and because VERY little people have actually encountered such beings throughout history. These beings intervene with everyday lives and other shenanigans for their own personal ideas/gains, and are sometimes called upon for aid and such.
I have a lot in mind when it comes to religion, including some surprises that might shock the entire foundation of the existing ones. That’s the fun part, the options are endless, and I wish to explore that if people are interested.