Early on u dont need it but as soon as u decide to get level 2 magic and start upgrading some spells u better max this spell out if u want to be FLEXIBLE in the late game. It is nice to have A LOT of level 3 maxed out spells so u can try all kinds of different thing and change your strategy when you need to. Alchemy allows you to get more spells upgraded to level 3 A MUST imo. How boring would this game get if u only cast 3 or 4 spells all the time. I like to mix it up sometimes direct damage, sometimes debuffing, sometimes buffing my army. The game also throws some curves at you with magic immune dragons, creatures immune to fire, or physical, or or magic damage, so u want to have options to deal with anything. Alchemy one of the best skills imo.
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