You are right, when the match starts both teams have the same chance even though in terms of quality there are differences because within 90 minutes many things may happen such as players getting guarded, red cards or also the opposing team being considered weak making different strategies that are difficult to penetrate by the favorite team.
Last season in the European league there was Barcelona who was predicted to be champions but failed because they lost to Manchester United as well as Manchester United was the favorites but were also eliminated because they lost to Sevilla who eventually became champions that season, so even though Liverpool were the favorites it didn't mean they would have easy can get it and it is even very possible to be eliminated because they lost to a team that was not considered capable of doing it, but any team will face a very difficult match when facing Liverpool who are on fire at the moment.
In the normal 90 minutes, each competing team will apply the system instructed by the coach. with different team strengths, of course there will be differences based on the level of play and the course of the match. likewise in terms of opportunities, and all kinds of things. as the competition progresses, something unexpected can happen. one of them, as you said, is for example getting a red card, being fouled at the penalty spot, a player experiencing or getting injured, all of this has the potential to happen to the two teams playing the match. last season Barcelona were favorites, unfortunately several of their players were injured. even though he didn't play too badly, in the end Manchester United was able to overthrow him. at that time, United was also in a positive trend phase. in the match against Sevilla, many United players were injured. plus, several blunders were made by United's defense and De Gea. United collapsed, even though they were predicted to win the title in this competition.
And this applies to Liverpool when they play their match later, especially since Klopp is focusing more on the Premier League. Klopp is well aware that his players cannot suffer injuries, especially the players who are his mainstay. even though Liverpool are favourites, that doesn't mean they will automatically win this trophy. apart from that, there are other teams that are just as strong. plus, they don't have as busy a schedule as Liverpool. or maybe, Brighton is a team that is not the favorite to get to the final of this competition. it could also be Marseile, Leverkusen and even Galatasaray. so far, nothing is certain, especially since the playoffs haven't started yet. I prefer to enjoy everything that is presented, especially crucial matches, rather than predicting something that may not yet happen. I mean, this competition hasn't reached the final stage yet. so, let's just enjoy it.