This does work as long as you are holding the magazine in your hotbar (in your hands so you actually see your character holding the book/magazine). While its in your hotbar and its selected, you can click (basic attack button) to use the book and it won’t vanish.
Now if you were to leave them in your inventory and use them there, they will be used up and vanish. Both of these apply to consumables too (healing, food and drink items, etc.).
Hope this helps!