Yeah, the new pure physical weapons have a magic of their own too. I'm not sure which has the most DPS, it might be Krom, but it also has high stamina cost as a two-handed weapon.

I don't have an opinion whether lightning spells will actually make it. Some other games build "elemental magic" entirely around fire and frost and it wouldn't be that surprising in Valheim. Staff of embers already deals half its damage as blunt, so it's not as inflexible as a pure fire spell would be (which is another reason why the frost staff falls behind at this time).