In my opinion theres always been a spell thats been a tad too overpowered since the original game "spell immunity". Despite the fact that its only a fifth level spell it becomes the ultimate protection spell for a mage, cast "spell immunity abjuration" then "protection from magical elements", "protection from magical energy" and then any physical protection spell and then they become virtually impenetratable fortresses. I know that ruby ray can dispell it but remember ruby ray always dispells the highest level protection and thus all the mage has to do is cast protection from magical weapons to prevent that impenetratable shield from being dispelled. This leaves your tactical options against the mage limited, your fighters cant do much with those physical protection spells up, while the party mage cant do much with those magic protections up and it really comes down to spamming ruby rays or exploiting the fact that the mage ai always targets his spells on the nearest player character, thus microing your party appropriatly to avoid specific characters from suffering the effects. I have also used tactics suggested in this forum such as area effect enchantment spells such as the infamous greater malison\emotion\chaos combo but this combo doesnt work well against high level mages (unless your really lucky). I'd say you should nerf the spell (make it like a spell shield where it stops only a certain number of spells from that specific school of magic before it is dispelled or you could shorten the duration) and make it a higher level spell like 8th or 9th level because i mean your protecting your protecting yourself from all magical spells from a specific school of magic making it probably the most useful protection spell in the game.
In my opinion though i say it should be removed entirely and reserved as a special spell for "boss" mages, those mages and creatures who are in the lore of the game are meant to be really magically powerful ie jon irenicus, lavok, shade lord etc... It may make the mage more vulnerable but i think that it makes the mage more balanced and more of a team player. In the game the mage should be a support character, helping the team debuff, damage and maim the opposition, and one that also needs to be protected, not a character that should standalone. This in my opinion balances out the mage with the rest of the classes and actually make the thief a more valued character since his backstab can now be a more fearful weapon that can be used against any poorly protected mage, overall it opens up more tactical options. From the battles with the games parties the mage is usually the last one standing since i have to wait for the "spell immunity" duration to run out and it does become dull after a while and i have also used this spell on my mage combined with other protections to tank out monsters since with the tensers spell the mage becomes a invincible fighter which to me seems overpowered. So like i said this spell should be nerfed, removed and limited to specific characters or made unavailable to dual or multiclass characters (really i always thought a fighter mage with this spell was overpowered).