My main is a level 8 Wizard and even rank 4 spells are pretty lackluster to be honest. My best spell is the clone I can summon (rank 4), it's dealing good damage and doesn't require melee range to cast, but Firewall for instance is a joke...
Actually Wizards are not only too weak (compared to Druids, Priest or Ciphers), but they lack flavor and are not very fun t play. Their debuffs are not strong enough, it feels too MMO'ish with very short durations, the AoE damage is a joke, I can throw in 4 perfectly aimed Fireballs and the enemies are maybe loosing 2 bubbles. For high range single target you have only one spell for your disposal (a rank 1 spell: Minolettas Magic Missiles), which sometimes deals less dmg than auto attack with a pistol. And then there are the almost useless defensive spells, maybe Baldurs Gate spoiled me there, but I hate the fact, that mages loses their defensive spells after a few hits of the enemy. I totally loved the dispell mechanics of the infinity games, without breach or similar spells you just couldn't kill a mage, it was not only a tactical thing, but also very immersive and it made fighting mages a thrill. And then there is nothing what makes WIzards somehow unique, no "flavor" stuff like Identify, Invisibilty, real summons, knock spell and so on.
Maybe rank 5 spells will be better, but I am slowly losing faith, sometimes I am about to reroll, because the "progression" of the Wizard doesn't feel rewarding and I hate it, when my main character feels boring and kinda weak.