Surely our English text aesthetically pales in comparison to the Egyptian text. Perhaps aesthetics is the sacrifice for efficiency. I would say no. They no doubt have powers, such as a contract or newspaper, but nothing parallel to the mystery and magic that accompanied the Egyptian hieroglyphs. Around the time of the printing press and since, the world has increasingly become literate.
Many millions have command of a text as well as a language.
Perhaps this has extinguished the idea of magical texts. With an increasing number of literate and communicating peoples, mystics must have been replaced by practicality. Bibliography David, Rosalie. Handbook to Life in Ancient Egypt . Proportion and Style in Ancient Egyptian Art .