7PCGamer: does magic protection also protect from elemental damage like fire, asking this because mostly it is encountered in the form of spells
Do you mean Magic Resistance? If so, it seems to me that Magic Resistance stands apart from other resistances but Inquisitor is unfortunately somewhat cryptical about this - and the files I have from the devs do not help in this case, either.
I think so because the description of Solid Faith (a spell from the book of Divine Magic) says: "This spell temporarily
adds 2*$$X$$
bonus to Magic Resistance of the target and with the increasing mastery level
also the bonuses to Poison, Fire and Lightning Resistances." While the description of Archangel's Power (a spell from the book of Magic of Miracles) says: "This spell increases spell penetration by 2*$$X$$,
gives the caster +$$X$$%
bonus to all Resistances, increases Magic Resistance by 2*$$X$$ and improves the attack and the defence by 2*$$X$$."
And because of that I think that Magic Resistance does not protect from elemental damage.
Thinking about it further, it seems to me that Magic Resistance is simply useful only for one purpose detailed in one of the loading tips: "The higher the Magic Resistance, the lower the chance of being hit by a spell!"