Alchemy isn't magical
It literally is modern medicine.
NO NO NO.
Alchemy is very much magic.
Modern chemistry came out of it, after the Renaissance.
Alchemy ascribes some radical hoodoo to various substances, such as celestial energies and properties, and is all kinds of fubar.
Personally, I would like to see a pen and paper that was PROPERLY researched on this. (has studied actually practiced magic systems/religions for anthropological reasons) The arbitrary materials requirements found in most pen and paper game systems are just game makers thinking "Hey, that sounds magical, let's use that!" or "Yeah, that's pretty expensive for a thing-- that should make the potion super cost prohibitive to make."
That's because an actual investigation into what the consequences of a world with real magic processes, leveraging those processes to make alchemy a real thing, is a rabbit hole they dont seem to want to explore very deeply. (Probably because it would produce a world setting far too alien for players to be comfortable in.)
Think about it-- Alchemy (historical) attempted to explore the properties of physical matter, and of natural energy phenomena. "Magic" was the mindset in which alchemy formed, and as a consequence, historical alchemy is deeply joined at the hip with magical hoodoo. But what if the hoodoo wasnt hoodoo at all?
Imagine for a moment that something with "aspects of venus" as a property actually did, in fact, have some resonant or other property with some very real celestial energy being radiated from the nearby planet venus-- and that the resulting alchemical formulation could harness and use that energy for some purpose. Suddenly, the implications and applications of alchemy become radically clear to a magical practitioner. Suddenly, a potion or other alchemically derived substance may be able to radically change the way magic works in the local vicinity by manipulating lots of magical aspects around itself-- just from existing.
You could have a geomancer that normally needs a good flow of telluric energy (say, from a ley-line) be able to make earthquakes willy nilly, because he has a little charm made by an alchemist that is able to bend other kinds of energy into telluric energy, via some complicated internal process, that completely follows all the rules for those magical forces. The possibilities here are staggering.
What do we get instead? short shrift.