Yes they are still better than the other 2 clubs below them, AC Milan and Borussia Dortmund. However, they still have a long way to go, as they still have 4 matches to play, and in those 4 matches anything can happen. Because other clubs like AC Milan and Borussia Dortmund also want to do their best before the group stage really ends and determines their position at the end of the standings later. Paris Saint Germain are still on a good path for now, but they still have to be able to improve, because the competition in the group they occupy is a tough competition compared to other groups.
Since the start of the draw for group F, Newcastle has been in the hell group with AC Milan, PSG and Borussia Dortmund. Newcastle was labeled the weakest club in their group because they had just returned to the Champions League after not appearing for a long time but again in the UCL but now they are in first place in the group. Indeed, the Champions League is difficult to predict, the aura of playing in the Champions League is very different from playing in the domestic league.
Yes, the match is still long, but looking at the current condition of the Newcastle squad, the players' skills are very evenly distributed from the back to the front lines, they are really evenly distributed in all lines, the reserve players are also good, so Eddie Howe just needs to mix it up with the right composition so he can beat Borussia Dortmund. Yes, PSG is still the favorite in the match against AC Milan, especially since the match is being held at PSG's home ground, I think this match will be a fixed price for PSG to get three points so that their hopes of qualifying for the next phase are still maintained.
It is also natural that they are labeled as the weakest club in this group, because their experience in the Champions League is still minimal and like it or not, it can indirectly affect their appearance in the game. But so far, until the 2nd match at least, they can show a good performance and even they are now at the top of the standings with 4 points. At least their journey can still compete is a good achievement, especially the group they live in is the strongest group and is said to be a hell group. Their chances of making it to the next round are very high.
One thing is that since Newcastle is new, most people and club will underestimate them and will not give them must attention, unknown to them that Newcastle came to the league to play aggressively in order for them to go far. The club is strong and the coach is a good coach that knows the important matches to win. Clubs will begin to take them serious such in case they go far, it will be a good record to them because after a long stay at home, they came back to price to the world that they are back and better. I know that they will still qualify to the champions league next season because they are doing well in EPL
Exactly as I said before, their inexperience in the Champions League is why they are not considered much in this group. Now with what they've achieved so far, there's no reason for other clubs not to consider them a serious contender in the Champions League.
One thing I will appreciate about them is their ability to capitalize on their finncial situation. We can't deny that they are what they are today because they have very good financial capabilities.