The final point I have made many times is that looking at only damage is irrelevant because it doesn't matter if something dies by 1 HP or 1000 HP damage over their max HP. Dead is still dead (even if the latter amount may mean they are splattered into unrecognizable goo). Why use a nuke when a baseball bat works just as well? People are comparing only damage, thus failing to see the big picture/context of the balance issue. The outcome is balanced because the process is not solely about maximum damage capability.
The bottom line is that there are pros and cons, so it's a tradeoff.
Tradeoffs? Lets talk about that.
You can only attack one enemy at a time - True, so true. And when using melee weapons, that enemy dies very very fast. You will kill a group of enemies faster as melee than a mage with infinite magicka AoEing down enemies, simply because you can do massive damage to one enemy at a time.
Close Proximity - Close the gap with etheral form, whirlwind sprint, or just walk up to the enemy because you are a tank. Its not en epic undertaking, its standard business, and about as difficult as making rice. Furthermore, you are using armor one would hope, so its not like you can't take a hit or thirty. Only exception are forsworn briar-hearts as they [censored] everything.
Using wards in melee - DRAIN THAT MAGIC FASTER! You're better off chain staggering with inefficient dual casting.
Its not whether or not you kill them with 1 hp over kill or 1000, its the twelve minutes you took chain staggering the drauger scourgelord with whatever spell that really starts to grate you.
You're the one failing to see the balance issue.