Magna-Porting reduces muzzle jump considerably, muzzle brakes reduce recoil more.
Magna-Porting makes it harder to clean your barrel. Gunk creeps back into the barrel from the ports and it you fire your barrel with that residue from the ports it can be damaged and accuracy will suffer. I also believe a Magna-Ported barrel will lose accuracy sooner than a non-ported barrel, both with a lot of shooting and all other things being equal.
Most muzzle brakes are threaded on and can be removed for barrel cleaning.
In centerfire rifles both Magna-Porting and muzzle brakes are loud and hearing protection should be worn at the range and any other time if possible. Some muzzle brakes are considerably louder than others - and more to other people than the shooter.
I don't know if anyone is doing Magna-Porting in Canada anymore.