I respectfully disagree: Given that the spell book is rather lackluster in terms of a magic-based 4X game, and also given that at early levels the average peasant/observer-style troop would be overpowered by Bandits early on, Enchanted Weapon is (IMO) pretty much the ONLY buff spell worth the Mana.
I played several games with Sovereigns who focus on spells and a few with those Sovereigns who ignore magic. Without the Arcane Weapon enchantment, and with no way to upgrade experienced troops to better counterparts, it made no sense to go out with troops when Heroes not only have more HP, but can increase in their ATT to counter your enemy's increasing DEF. I would essentially sacrifice the increases in food, production, and so on in order to have upgradable, hard-hitting troops. Now, if they put in an upgrade mechanic, I'd be more inclined to agree with you, but would argue that is should be a tactical spell rather than a strategic spell in that case.