This table shows the total annual cost for 2 Season Passes at Six Flags Magic Mountain California with the Premium Dining plan against 2 Memberships with the Premium Dining plan during the Halloween sale (September / October 2020).
This page compares the Six Flags Magic Mountain CA Halloween Sale 2020 costs for passes vs. memberships for 2 people. For a different number of people (1,3, 4, etc.) see this page.
Season pass is a much better value, saving anywhere from $44 to $254 over the year, depending upon the Membership level chosen.
Costs below do not include taxes. And Six Flags will probably slap on a "handling" or "convenience" charge when you go to check out, but those won't affect the analysis of which option is a better value as they apply across the board.