They don't have any defense, which goes a long way to explain the politics of the nine worlds. To survive warriors must ally themselves with a strong sorcerer and submit to their rule (Odin, Karnilla, Utgard-Loki, Malekith, etc)
The Asgardians as a whole seem to have a mistrust of sorcery. They look down upon it as being cowardly compared to fighting your opponent openly with a sword. Several times over the years characters have voiced a dislike of it. A lot of this is due to Loki, but part of me can't help but wonder if the Asgardians as a whole know the truth about what you say.
Their society teaches them to look down on magic, but their king is a god of magic. Just about all the major gods or great warriors have magic or magical weapons to some degree. Magic is something that the regular warrior no matter how skilled they may be cannot really fight against. Sorcerers tend to rule because they are the only ones who know how to counter magic with other magic. Their own magic also gives them a definitive edge against regular warriors. Finally, since magic is sort of the "science" of the other worlds requiring intelligence to master the sorcerers developed their intelligence to know how to rule or at least dominate others.