ΔE 18.5, loose: different enough that you should pick on purpose. Light Pink is noticeably lighter, more saturated, warmer than Magenta.
Not as a straight swap; see the closer alternatives below. Loose match (ΔE 18). Light Pink is noticeably lighter, more saturated, warmer than Magenta.
The same difference applies the other way round: Magenta is noticeably darker, more muted, cooler.
ΔE is the colour difference between our two swatch estimates: under about 6 is close, over about 15 is loose. Real paints also differ in finish, coverage and how they thin, so test before you commit.
See Magenta on the colour wheel See Light Pink on the colour wheel
All matches: Magenta equivalents · Light Pink equivalents