power - Transformer magnetizing inductance

I am learning about transformers and in the equivalent circuit the magnetizing inductance of the excitation branch is supposed to represent the current needed to "set up" the flux in the core due to finite permeability of iron. However, this does not explain to me why flux needs to be "set up" to begin with. The voltage induced is not a function of the magnitude of the flux but rather the rate of change of flux. The flux could at one instant be zero and changing quickly and the same voltage would be induced in a winding as if the magnitude were larger with the same rate of change. This seems to be one of the biggest problems when analyzing "magnetic circuits" to me as there is a clear discrepancy in the duality with respect to maxwell's equations. The rate of change of magnetic flux would seem to be the "magnetic current" especially for energy conservation and duality for Faraday's law with Ampere's law. Can someone explain why there needs to be flux "set up" in the core and for that matter what the magnetizing inductance does.