It's worth noting that Magellan lived in a time of extremely high infant and childhood mortality. Approximately 30% of newborns would die in infancy, and the odds of reaching 16 were only about 50%. This wasn't just skewed by people in poor circumstances, even the wealthy elite in society with the best access to resources and medicine of the time faced grim odds. Everyone went through their formative years with the understanding that their survival was unlikely, they watched their siblings and friends of the same age die, they were raised by parents who knew damn well that half their children likely wouldn't make it,and their society was structured around the assumption of an heir and a spare. Under such circumstances, the value of human life, and thus the reward necessary to justify risk, would logically have been much lower.

Indeed, it's rather amazing to think about just how recently things changed. The generation that first went to the moon had a much lower infant mortality rate than in the 1500s, but it was still about 20 times higher than today, and critically they were all raised by parents and lead by people who had grown up around normalized high infant mortality rates. Boomers are the first generation where infant mortality was continually below 5%, and millennials are the first generation to be raised by parents who considered their children's survival to adulthood a given. And of course that's for the developed world; global infant mortality only fell below 5% in 2010. Right now is the first time in human history that you can say with 95% confidence that a random human newborn will survive to adulthood. We should be much more risk averse than our ancestors, we are on average anteing up many more happy, healthy years than they were.