In the champions league they are still one of the favorites even though their position has decreased, in the group phase the bookies put Bayern Munich as the second favorite to become champions but after entering the round of 16 they dropped to only fourth place and are not even more favorites than Arsenal
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So performances in other competitions will also influence the assessment of Bayern Munich, but after entering the quarter-finals the assessment will be different again and I am still quite confident that Bayern will go to the quarter-finals because Lazio is only one goal ahead of Bayern and it shouldn't be a difficult thing for Bayern to catch to achieved victory by more than two goals
Bayern munich odds to win the champions league might be back to the third position above Arsenal if they able to beat Lazio later.
It is normal to see the odds changing after the 1st leg, always like that in every year.
Same as Inter and PSG, both of the teams still have the chance to be a third (odds) as long they able to beat Atletico and Sociedad with decent score in the 2nd leg (away).
Overall, it depends on their performance by the previous match.