I think this is worth worrying about, especially with knockoff magnatiles. The magnets are small enough to swallow. If a child swallows two they could die, for the same reason that "buckyball" magnet toys were banned: the magnets can snap together with intestinal tissue in between and perforate the intestinal wall.
Had to look up the rules on bows and arrows in the European Union when I got to [4.17.4] Bows and arrows. "bows offered for sale with arrows are to be considered as toys" Wait. What? Like, all bows and arrows?