This answer plays off a bit of ambiguity in the question. Below, the emphasis is mine.
If you were a customer would you rather have the derailleur replaced and know it is fixed, OR have a mechanic attempt to repair it by bending it back or replacing the cage and accept the problem may not be fixed the first time?
The derailleur cage is the two pieces of metal (or sometimes carbon) that hold the derailleur jockey wheels. It's below the parallelogram of the derailleur. I'm quite sure that cage is standard terminology. By parallelogram, I mean the main body of the derailleur, the one where the logo is usually printed. I'm not sure if that is the universally accepted term.
The cage plates are a replaceable item. The site guidelines prefer us not to link to specific online retailers as the links may not be persistent, but currently, I'm seeing one online retailer (Modern Bike) asking for $32 for both plates for a Shimano Ultegra R8000 rear derailleur. Dura Ace (made of carbon) and many Campagnolo cages (many made of carbon + Campagnolo premium) are much more expensive. Alternatively, people sometimes sell damaged derailleurs for spare parts on eBay. A crash is likely to scrape the face plate (or whatever the correct term is), but damaging the cage itself is less likely. Therefore, cyclists should probably consider checking the price of replacement parts before replacing the entire derailleur.
The cage on my Shimano Ultegra RD does not respond to a magnet, and I believe it's aluminum. In general, it seems not recommended to bend aluminum back to its original shape, as it may later fail. If the cage in question is steel, bending it back would be much safer, but there may be issues aligning it correctly, as you have no obvious reference points for how it's supposed to look.