This season Manchester City are still quite strong, they have a pretty perfect squad for this season. Their balance of strength is quite well organized from the front line to the defense line. So it is very natural that Manchester City is quite superior this season. But there are always surprises and it is very likely that Manchester City will have to be able to appear in their best form, whether against a team that has equal strength or another team.
No doubt Man City is still the strongest team in UCL this season. Sure, they have perfect players in each line, especially in attacking line. Man City also performed quite stable in every major competition so far. So, it makes sense if Man City is still the most favorite team to win the UCL title again this season. Although it is not impossible for a surprise, I believe Man City has the biggest chance to be the champion if they don't make a mistake in each match.
Real Madrid too, they are still considered a fairly strong team this season. Even though Real Madrid doesn't have a quality striker this season, they have Bellingham who they can rely on in their game. Maybe their strongest competitors are Bayern Munich or Psg this season, but we could be presented with a surprise team who is able to show their best qualities.
I don't think Real Madrid is strong enough to win UCL this season. They have a serious problem in defense and attacking line. If you learn their stats against big teams, their defense always becomes the weakest line. The latest match, their got defeated by Atletico Madrid with 3 conceded goals. I can't imagine if they play against Man City, Bayern Munich, or Barcelona. I think they may get more than 3 conceded goals. Moreover, their attackers look unconvincingly. Since they have no strong striker, their productivity in goals is decreasing very significantly this season.