Inasmuch as activated carbon adsorbs impurities, it is considered chemical media. However, it is true that it is short lived and may release unwanted contaminants back into the water. It also will remove any ferts used for plants so it's just not practical in any tank with plants.
Although the Magnum 350 is discontinued, it was very popular 'back in the day'. However, it was often finicky to prime and often leaked. It was replaced by Marineland's Magnum Polishing Internal Canister Filter. I have one and use it here and there as a diatom filter.
In this case, I think (as mentioned) that I also would fill the internal compartment with some type of bio-media instead of activated carbon.
As to the history of filters, a misconception continues. We have been conditioned to think that more filtration is better...and more filtration too often is interpreted as more water flow with either more powerful filters or additional filters. In reality, good filtration is about how well we filter water, not how much or how fast we push water through media. To a point, better filtration might be had with greater filtration surface area rather than greater water flow. A greater surface area allows for both mechanical as well as biological filtration.
So power filters replaced box, bubble up HOBs, and undergravel filters...and typically for larger tanks, canister filters. The truth is that there are pros and cons to all filters and they all work well as longe as they're properly serviced as required.
I'm also not a fan of commercial bio-medias and have found [broken record here] that sponge material is both excellent as mechanical filtration as well as biological filtration. (All of my filters, including my large HW 304-B canister filter, are completely filled with sponge material.)