Using ##\sqrt{\vec{v}\cdot\vec{v}}## for the magnitude of a vector makes sense because the Euclidean norm (which that is) relates to our world. I am definitely not the most well versed in tensors in general, but my understanding is that there is no particular idea of a magnitude that makes similar physical sense.
The most common norms that I recall were the trace (which is only a norm if you take the magnitude of the diagonal elements?) and the Euclidean norm using the diagonal elements. I think that might be the what you wrote, but I'm not very familiar with that notation. I think that there are many others too, but those are the only ones that I ever used.