Could Fermi’s paradox explain why fantasy worlds never progress past a medieval or renaissance level of technology?

Fermi's paradox asks the question, if there are extraterrestrials then it's reasonable to expect some alien civilizations to be millions of years more advanced than we are, if there are such civilizations then ehy haven't we seen signs of them?

One of the possible answers to fermi's paradox is that the galaxy is a very dangerous place and civilizations that make too much noise eventually draw the attention of something that wipes them out.

In a fantasy setting magic will eventually get studied, experimented with and quantified at an academic level and those experiments will eventually shift towards learning about the multiverse.

This could upset the denizens of the other planes who then enter our world and wipe out the offending civilization. The world gets thrown into a dark age and people learn to fear magic, but eventually old lessons are forgotten and the cycle repeats itself.

This creates a world where civilizations could have risen and fallen for hundreds of thousands or millions of years, but no one gets past a certain level of technology.

It also creates a world with a seemingly unending number of ruins and bizarre magic for intrepid adventurers to explore, as well as evidence of countless catastrophies that inhabitants will build myths and legends around.

I'm curious what y'all think of this idea. Do you think it's reasonable or interesting?