Can I create a magazine exclusively using Photoshop?
It should simply be a case of using CMYK and an adequately high resolution.
InDesign is pretty alien to me though I've read that it's better for managing large amounts of text.
Request for additional context:
Any links to resources on this manner would be appreciated (e.g. good websites for learning/templates).
Yes, Photoshop could be used to design a magazine. But, so could MSPaint. This is absolutely a job suited for InDesign.
InDesign has much better tools for typesetting. If I didn't have InDesign available to me, I'd probably even use word processing software to lay everything out instead of going with Photoshop. It's definitely not the tool for the job.