I recently bought a new house that came with the magic carpet mount and I noticed that finally while riding a mount my life mastery and my wand were visible while the mount was equipped.
I like the way it looks when flying around and the glitter effect is seen and streams across the screen from my mastery and my wand.
I think all mounts should allow your mastery to be seen, not just the flying carpet and when you're equipped with a mount like a set of wings, your wand should also be visible.