Yes - and no. I don’t think anyone intended to suggest that he’s 100% healthy and just “saving himself” for the portal.
He tried to play for several games. Wasn’t producing at the level he contributes at when he’s physically at his best. Unlike, say, Caleb, who didn’t care what his stats looked like and played through the pain so long as there were ways he could help the team (worst numbers of his career that year), Mag didn’t choose that path. Whether the reason was related to fear of impact on his NIL stock, or simply not wanting to play if he knew he wasn’t at his personal best, we’ll never know. It’s been confirmed though that he put in some minutes in practice so it has actually been confirmed, in a sense, that the reason wasn’t that it was “too painful” to play period - even for sporadic stretches each game.