All the best magicians and their audiences are doing it when they make-believe the entirely irrational proposition is real while knowing at the same time that it isn’t.

I think good magic will do exactly what you've said; make-believe that this entirely irrational event is real "magic", while knowing in themselves it's not. A good magic trick will suspend the disbelief of the audience.
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However, I think really good magic will blur that line. This is where the trick transcends being a trick and becomes "real magic"; where the audience believes the entirely irrational event has actually happened before there is even proof of it. That's real magic.

My go-to example of this is Tommy Wonder's ACR + Card to Box. The whole trick sets up the Card to Box phase. With just a few words, "I don't keep the card in the deck, I keep it somewhere else. Locked, folded..." the audience believes the entirely irrational proposition with no doubt or logic in their minds. They just believe it before they've even seen it.

Real magic.

We make believe the entirely irrational proposition is real while at the same knowing it isn’t. Then the proposition is proved real by entirely rational means. The two sides are opposites: one side is drama the other side is science. They are crossed to create a simultaneity of opposites: a magic that is both unreal and real at the same time. Drama is a decidedly unreal activity: a game where we make believe what is going on is real. Magic experiments are not make-believe drama: they are not irrational but rational and logical. To create art, such as a drawing, one has to cross opposites: white paper and black charcoal. To create a cloth, one has to weave a cross x. The entertainment is self-deception the magic is actual deception.