During the 2018 world cup (which was hosted by Russia), the non-European teams struggled to get adjusted to the weather conditions and this gave an advantage to the European teams. For the 2022 World Cup, the situation will be reversed, and the European teams will be on backfoot this time. Italy's performance in Euro 2020 was not flawless. Even for the final match, they were not the favorites to win. England had better odds. On top of that, all the Latin American teams performed well during this year's Copa America. I would say the odds are higher that champions for 2022 would be from South America.
Although the 5th place in the playoffs is always very fought when he plays with a team from Oceania, in the Americas Conmebol is always the most fought.