There's no reason for technology to advance if you have magic.
There no reason to use magic if you can advance technology.
Especially with Vancian casting system.
Life in feudal society which besieged by apex predators is shitty enough to think if magic power available to only several "chosen ones" is really worth of suffering for all sentient races for centuries. Even for casters their "gift" can be sometimes a curse, when average people expect magician to save the day with spell, but caster can't do anything because she/he forgot some shitty spell from first circle.
Technology can give to average people relatively comfortable life without relaying on cast of gifted elitists with memory loss and more predictable in many cases.
For sure , fireballs impressive and all, but can caster transport several tons of grain every day from one city to another? Can magician give a warm water to bath tubes in millions houses?
Hell, technology is better at killing things, maybe first muskets, bombards and cannons are a bit clumsy to use, but further advancement - benefits are higher. Almost no hide/shell can stop projectile that moves with speed of sound and even if tough fuckers with such natural armor exist - poison gas, nuclear weapons, napalm and laser weaponry can fix this.
I mean, magic has some benefits too, but it available only for few people and very restrictive in power to the point that sometimes benefits don't outweigh shortcomings. After all, casters forced by their organism to shit in same awful unhygienic toilets as everyone else, otherwise alternative would be shitting in open field or forest with risk of catching pointy spear in his/her ass from kobolds that just happen to camp nearby.
Yeah, I know that my criticism of magic is weird since I like playing caster, but I don't think that people would pass up opportunity to compensate some shortcomings of magic with technology as time passes and remain in same deep shit for generations. And we already got decades of pure magic settings.