There is a lot that determines the power of a magic, and all of them are mentioned throughout the serie.
Usually, the longer the chant of a magic the more powerful it is. Rae Laevateinn is a long chant magic, while Firebolt is chantless.
Magic affinity is also very important. That's why Elves are still a big deal even now that everyone can learn to use magic, as their affinity makes them have better magic than other races. That's how things like Ariel, whose chant is a single word, being more powerful than Hati, which is a long chant magic, can happen. Riveria is an Elf, so she has a magic affinity, while Bell is just a regular Human, so he has no magic affinity.
Skills can also have a great impact in one's abilities. Riveria got Fairy Anthem the moment she received her falna, unlike Bell who even now has no skill that passively boosts any of his stats.
So, as you can see, it is a matter of way more than just the magic stat. And Bell utterly loses in all of them. Lefiya has long chant magics. She also has a magic affinity that is even better than that of most Elves due to being from the Wishe Forest, as Filvis mentioned in SO3. And she has a particularly powerful skill that boosts her magic. Not to mention she has the Mage DA. All of it increases her magic firepower ridiculously high. So high in fact that in SO1 it is stated that in terms of firepower she is better than even the Level 5s Tiona, Tione and Ais.
Also, saying that it took Bell "5 levels to have 1/3 of her power" is completely wrong. There's nothing that indicates so. This is a shonen. Just because a move is shown being more destructive than another it doesn't mean it is actually stronger. A Level 6 Argana's greastest destructive feat is destroying a wall by punching Tione into it. By your logic that doesn't make her any better than the Level 3 Dormul, who nonchalantly also destroyed a wall once.
As weak as Firebolt is relatively, it is strong generally speaking by sheer virtue of Bell's level. Bell one shoted Van, a Level 4, with it. So unless you have any evidence of Rae Laeveteinn being able to one shot a Level 5 back when Riveria was Level 1 you are just exaggerating.