I think there are a number of alchemies, not just one. And I think that the highest hierarchies of ancient Egypt, and other high past civilizations, were aware of that. The traces of this we can find by looking at their grand teachings and knowledge.

Alchemy is not just a "tool" for metals transmutation or your psyche transformation.

Each variant or level or alchemy deals with the state of a current level (like physical) with the usage of the principles as understood on the higher level. In this, it really resembles magic.