Is there a big difference between using the DirectX vector magnitude math function as opposed to the following code?
float hyp = sqrt(pow(globalVector.x, 2) + pow(globalVector.y, 2))
Not enough for you to care.
There are improvements that I'd recommend to the function you posted.
No need to call the power function; x*x
and y*y
will be just as good and cheaper.
I'd protect against roundoff by scaling, like this pseudo code:
if (abs(x) > abs(y)) {
r = abs(y/x);
hyp = x*sqrt(1 + r*r);
} else {
r = abs(x/y);
hyp = y*sqrt(1 + r*r);
}