Damage has been lowered for everyone, along with enemy HP.
But u are right in noticing ur dmg is closer to melees now, rather than crazy high.
My best exp/hour is to never engage the enemy, this way you never run out of MP.
Also fight weaker mobs, like 5-10 levels lower, and spam AoEs.
You get some crazy exp from this.
Downside is, ull need some melee buffs from the DoW classes, to help stay alive. (ideally u dont want to ever stop pulling mobs, dont wait till mobs are dead, start running to new mobs, as u keep spamming that AoE dmg.)