Magical creature not fine or delicate (4)
I believe the answer is:
airy
'delicate' is the definition.
(I've seen this in another clue)
'magical creature not fine' is the wordplay.
'magical creature' becomes 'fairy'.
'not' suggests deleting specific letters.
'fine' becomes 'f' (abbreviation e.g. condition of old coins, books).
'fairy' with 'f' taken out is 'AIRY'.
'or' is the link.
(Other definitions for airy that I've seen before include "Well ventilated; insubstantial" , "Fanciful" , "Well ventilated; nonchalant" , "open to the sky" , "Flippant" .)