Hmm true =x that does make me doubt...
*watches cutscene again*
Eclipse Magus: A new foe has arisen here, in this endless expanse that is Time's Eclipse. It feasts upon thoughts, dreams, and memories. Do not think to meddle here. This enemy is my affair.
This line makes me think that Magus was trying to fight a memory-eating monster. The result to lose a fight against a memory-eating monster is, well...
Schala did seem to teleport him back to safety, and Magus could have very well erased his own memories... but there's no hint to a memory-deleting spell, while there is a hint for a memory-eating monster which Magus was just in front of =X even if said monster was still good enough to just let him go away.