Tiamat has the Limited Magic Immunity trait, I know that much.
Unless she wishes to be affected, Tiamat is immune to spells of 6th level or lower. [...]
However, the last portion of the 5th level spell Circle of Power states:
Additionally, when an affected creature succeeds on a saving throw made against a spell or magical effect that allows it to make a saving throw to take only half damage, it instead takes no damage if it succeeds on the saving throws.
I understand that a dragon's breath weapon is technically nonmagical, but we treat it as magic in our campaign.
The spell has a range of self, and clearly indicates which creatures are "affected." So in this case, if somebody in the circle succeeded on the save vs the breath weapon, would they take any damage?