Yes, it is! Bali has so much magic that even if you don't believe in energy, rituals, ceremony, you will find out that this place has a special energy.
Once someone told me that volcanic islands are special. They have a special connection between earth and fire. I never lived in any other island before, for this reason I can't compare. What I can really affirm is that people that have some sensibility keep coming back to this place. Why? Because it has this magical thing, that we can call energy or whatever you would like to name it. It may be related to the ceremonies that are happening non stop around the island.
The hindu in Bali, their religion, is different from the Hinduism from India. Here they have their own calendar, the year is shorter, only 210 days.
The New Years celebration usually takes place around March/April and it comes during the silence day called Nyepi, which is incredible special! No internet, light, scooters or cars on the road. It's the day to connect only with the family members, your house and to do nothing! The light, fire, noises can call the bad spirits to the island and no one wants that, right?
Since my arrival I felt in love with the rituals and as part of the retreats and workshops, whenever possible I make sure to take the group go to a non touristic temple to be blessed by the waters of this land. Purification would be the best word to describe the power of the waters. There are many springs that runs from and to the Agung Volcano, which is considered the God of the island. The water is the element related to our emotions, in Bali we are surrounded by it. If we understand that we are influenced by the cycles of the moon and the internal waters, it's easy to understand why Bali makes people feel it's magic. It's an island based on sacredness. Of course it has a lot to do with what you aim to achieve while in here.
For me, nature and water has being my moto and I share the love for it with the ones that cross my way.
If Bali has magic I cannot prove. By the other hand I can definitely affirm, I have seen magic happening all the time in terms of synchronicity and manifestation! Is this enough for you? It is for me.