Oh yeah. We played with someone who played competitively one time and it was no joke. We couldn't get anything off the ground. It was literally our rec league flag football team going against <INSERT YOUR FAVORITE NFL TEAM HERE>.
There's a guy, Stanislav Cifka, who plays (or maybe played at this point, I haven't kept up) competitive Magic: the Gathering who was ranked fairly high in chess at some point (or maybe still is). He wasn't ever the best chess player or best Magic player, but he was pretty good in both.
So Magnus could probably eventually do well, but there's a learning curve.