Any gun with a scope has no magnification whatsoever. I've tried it with a couple modded in guns as well as vanilla. If its worth anything, the issue is the same with binoculars. I get the special crosshairs and all, but no magnification.
EDIT: I just spawned in a vanilla hunting rifle along with a scope mod to check one more time. There IS magnification but its barely noticeable, definitely not a 3.5x magnification.