Nia @Sam and Nia
One way that I played the magnetic tiles with my older kids is the Crossword. We will either randomly build up lines first then use a dry erase marker to fill up with words together, or a more conventional way, build it with answers in mind and give hints.
Of course, you can do it more casual. For example, build a down "Apple", then ask your kid what words do they come up with these letters. "A" for "Air", go write it down and put them together! It helps practice their spelling, while the action of "building" reinforce their memory and sense of achievement.