MichaelChen
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The answer is "No, not really". His ten rings have occasionally been called, rather inexplicably, magic rings. . . but they were and always have been "magic" rings gained from a crashed alien spacecraft. Other than that, his activities center around superhuman kung fu and mad science. He has never been a sorcerer, not for a single issue.
I suspect the misunderstanding is rooted in the nineties, when he was drawn as wearing robes that resemble a wizard's. The thing is, he only wore that in the nineties.
His original costume was basically a martial-arts gi.

And as you can see, he's portrayed as basically a superhuman martial-artist with high-tech versions of smoke-bombs or throwing dirt in the other guys eyes. He's basically a high-tech ninja, combining sci-fi versions of misdirections and illusions with martial-arts.
Yet somehow, perhaps because many people began reading comics in the nineties, the wizard-dress and its implications caught on and defined him in the minds of many readers.