Minecraft Username: miniCLH Brief Description: I can equip and use the enchantment benefits from my L1 magic armor during a non magic day period, the prestige boost does not apply. Instructions: Put on magic armour. For me I tested it via the aqua infinity and depth strider enchantments, enter water. Mine/Swim/Walk underwater at normal ground speeds. How many times did you recreate this?: Multiple times. Result: I was able to use the enchants on the armor. Expected Result: To not be able to equip the armor/ use the enchants that are on it. Evidence: Unable to record but will be willing to show should it be needed.
This was something which was sorta left off due to the complexities of it, we either make people wearing magic armour unable to attack others or be damaged so that there is no gains to wearing it or, I look at shoving it back into the players inventory when they try to equip it, this does have the downfall that if somebody logs in when wearing it, we'll need to throw it onto the ground if their inventory is full which is basically what I worry about
I believe this bug is safe to ignore unless it becomes a serious issues for whatever reason and affects the economy. The points listed by @electronicboy are pretty valid regarding how we would properly handle this.