Personally, I think that Aegis-by-the-RAW is not necessarily inconsistent with the setting as described.
The first thing to consider is: what is the cost of casting an Aegis with 1, 2, 3 etc. botch dice?
Remember that a single-die botch means that a) the caster gains 1 warping point and b) the spell is out of control, though it generally still goes off (ArM5, p.87). As for the warping point, remember that on average a magus gains 2/year, so even if we assume that twilight is the main source of demise for magi, gaining one is like losing 2 seasons (if instead we assume that final twilight has a 50% chance of knocking you off, gaining 1 warping point is like losing 1 season). The out-of-control effects of a botch are up to the SG, but if we look at the examples, it's stuff like the caster being knocked unconscious (no big deal), attracting unwanted attention (again, consequences very much up to the SG) or the spell being flawed or incomplete or affecting the caster (push come to shove, dispel and recast). In fact, you may even get a positive effect like an undying Aegis!
So, let''s see what a caster is facing every 100 castings (i.e. every 100 years).
With 1 botch die, 1 extra warping point plus some minor inconvenience. Negligible.
With 2 botch dice it's 2 extra warping points, 2 minor "inconveniences"... and 0.1 expected "double botches" (basically, a 10% chance of it happening once). A double botch probably causes a fair inconvenience, though again up to the SG, and I wouldn't make it life-threatening (I'd rule it equivalent to the loss of a magus-season or two). A double botch also means having to roll to avoid Twilight, but it's a test that the magus has a fair chance of passing considering that he can burn confidence on it and that he probably has a fair Vim form bonus. All told, still more than worth it for the protection the Aegis provides to the entire covenant for 100 years.
With 3 botch dice, it's 3 extra warping points, 3 minor inconveniences, an expected 0.27 double botches (fair inconvenience plus roll to avoid twilight), and an expected 0.01 triple botch. The latter could be pretty nasty, but it's only a 1% chance every 100 years... I'd say an Aegis is well worth this level of risk.
With 4 botch dice, it's 4 extra warping points, 4 minor inconveniences, an expected 0.49 double botches, an expected 0.04 triple botches, and an expected 0.001 (1 chance out of 1000) quadruple botches. Still well worth it.
Let's now look at how many botch dice a caster will likely face. This depends on a lot of factors, the main one probably being the magnitude of the Aegis.
Personally, I think that a level 20 Aegis (the minimum) is really what most covenants would want (and what most covenants have in my saga), as it keeps out most stuff that might pester the covenant, from low to mid powered demons and faeries to spells by hedge wizards. It's also easily within reach (and with a fair penetration) of a starting magus casting alone who devotes a little effort to Rego and Vim -- and does not cost a fortune in vis. A level 20 Aegis entails 5 botch dice, but a mastery score of 3 already pushes it down to 2 botch dice. In my saga, there's a famous L3, Q15 Summa on mastery of Aegis of the Hearth (authored by Notatus, no less!) that is as common as the Roots of the Arts. Note that the availability of such a book is perfectly within the RAW, and if the Aegis is so widespread, it makes a lot of sense that someone might have written one. Studying it for 1 season gives a magus with no applicable V&Fs a mastery score of 2, studying it for a second season, a score of 3. All told, this makes a level 20 Aegis really worthwhile: even without magi of special skill, every century an Aegis caster who has devoted two seasons to Notatus' book will gain an extra 2 warping points (equivalent to losing a year of lifespan or less), the covenant will face 2 minor inconveniences, and there's a small (10%) of something a little bigger (a double botch). In fact, well before a century has passed, a covenant can remove the botch risk altogether, e.g. because the main caster has gained a familiar with a +2 gold cord.
A more powerful covenant or one facing specific threats might want a stronger Aegis -- but is also likely to have attracted stronger/more specialized help. I think all but a very few (maybe 2 or 3) covenants have an Aegis that is level 40 or less, which keeps out all but the most powerful supernatural threats. This entails 9 botch dice, meaning that you probably want to remove 6 to 9. The aforementioned mastery book removes 3. Another 3+ could be removed by a strong gold cord, or the cautious sorcerer Virtue, or a Mercurian Magic casting (which reduces the number of pawns necessary and so the botch dice). Two or three of these factors combined could bring the total botch dice to 0 and/or allow several other magi to join in a Communion to boost Penetration. So a level 35-40 Aegis takes some effort to be worthwhile in terms of botch risk, but it's quite doable if you focus on it.
In my saga, the strongest Aegis in the Order is that of Durenmar, a level 60 Aegis. This keeps out virtually everything short of (the greatest of) faerie gods, princes of hell, archangels and kosmokrators (in particular, it keeps out the Black King). The magus who developed it a century ago was a magus with the Mercurian Magic Virtue (who also wrote a pair of good tractatus on it), and his senior filia still casts it today in communion with two other magi of Durenmar (they each know a Base 40 communion), helped by her +4 gold cord and a mastery of score of 5 for a total number of botch dice equal to:
1 (stress die) + (12/2 for the vis) + 3 (three other magi in the communion) -4 (gold cord) -5 (mastery) = 2
The typical penetration at which the spell is cast is 70-80 (stress die + Rego 28 + Vim 22 + Penetration 7 + Aura 7 + Artes Liberales 5 + Philosophiae 4 + Stamina +1 + talisman Bonus 4 + mastery 5 + mastery penetration ability 5 + 2 voice and gestures -20 effective level of the Aegis after Communion). In 45 years the maga has botched just once -- the Aegis still went off, but she gained a warping point and almost but not quite fainted as a result of the powerful magic coursing through her ("overwhelmed" result, stress roll of 4 +1 Stamina +1 Bronze cord =6).