Book says- unwanted branches can be cut off after flowering. So I'd leave it for now, as long as you can wait & enjoy the flowers first- assuming the frost doesnt get them first as sometimes happens.
But, magnolias dont take kindly to pruning & will rapidly regrow 'water shoots' from any cut ends. These tend to spoil the overall appearance of the tree. You will then need to keep 'on top' of these with further pruning & so on.....
May be worth considering felling it & replacing with a smaller one such as Stellata or something else. J.