I want to grow thin films of TiO2 by means of reactive sputtering, the target is of titanium and the gas is a mixture of argon: oxygen. I have the concern that the magnetron may be damaged by oxidation
Sputtering Titanium in the presence of Oxygen is a standard method for producing TiO2 thin films. Your question is a strange one, reactive sputtering using magnetrons has been carried out for decades with no issues of magnet oxidation. Firstly the magnetrons are not in the vacuum, rather they are sealed behind the base plate of the cathode.
Assuming this is the case and you do not have a special cathode configuration you should not worry about this. And if you do for some reason have you magnets open to the vacuum chamber this should still not be an issue.