ΔE 12.9, fair: the same colour family, but not a straight swap. Cobalt Alchemy is a little lighter, more muted, cooler than Azure Magic.
Only where an exact match doesn’t matter, such as a new unit or a highlight. Fair match (ΔE 13). Cobalt Alchemy is a little lighter, more muted, cooler than Azure Magic.
The same difference applies the other way round: Azure Magic is a little darker, more saturated, warmer.
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 Azure Magic on the colour wheel See Cobalt Alchemy on the colour wheel
All matches: Azure Magic equivalents · Cobalt Alchemy equivalents