Spin is an intrinsic property of particles. For example: an electron has spin $1/2$, always, regardless of its condition or its surroundings; that's why we say that spin is an intrinsic property. This is not strange or uncommon if you think about it: an electron has also charge equal to $e$, always; in fact charge is another intrinsic property of a particle.
But we don't just say that spin is an intrinsic property, no no no, we also say that spin is the intrinsic angular momentum of a particle, why is that? Well we cannot answer this question completely without getting into the mathematical details, but I will try my best:
You have to understand that in Quantum Mechanics different observables1 respect different rules of behaviour, for example: you cannot know simultaneously the position of a particle and its momentum, or you cannot know simultaneously the angular momentum of a particle along different axis; these rules are described by certain mathematical structures; we tend to say that different sets of observables obey different algebras. From the experiments about spin, like the Stern-Gerlach experiment, we see that spin, as an intrinsic property, respects the exact same rules of behaviour that the orbital angular momentum respects; so since this two different observables respect the same rules, the same algebra, we say that they are two different form of the same thing; this is the logic behind it.
And at last, regarding your second point, that description of spin that you are talking about is a portion of the rules that I was talking about; specifically we can show, with an ungodly amount of math for which you are not prepared, that the spin of a particle with spin $1/2$ can be described by a two dimensional vector, sometimes called spinor. This then implies the symmetry that you were talking about. This is of course related with angular momentum for the reasons I mentioned above. And regarding the "magnetic aspects" of the spin that is another, different, phenomena. I suggest you to take a look at the g-factor, but basically: in classical mechanics charged things that are rotating produce a magnetic field, or more precisely they have a magnetic dipole, this is also true in the context of quantum mechanics; experiments show that a charged particles with spin has a magnetic dipole, that can be described using the g-factor.
[1]: By observables we mean quantities that can be measured: like position, momentum, orbital angular momentum, spin, etc.