If we look at the performance of Real Madrid in the process of reaching the final round, it can be considered that their journey is very tough, where they managed to beat PSG, Chelsea, and Man City. Well, even though Real Madrid can get rid of a lot of big teams, that doesn't mean they can easily beat Liverpool because I think both Real Madrid and Liverpool are at the same level, so they both have an equal chance of becoming the Champions League winner.
Real Madrid have done many impressive comebacks against strong opponents, PSG, Chelsea and Manchester City. They have strong belief in this final that they can win it even if Liverpool has leading goal first. With such strong mentality, it is very hard to beat Real Madrid.
In addition, some of Real Madrid players know that in the end of their career, they likely have their last final match in Champions League. Modric, Benzema knows that they should win it because in future, they might not have any chance to play in final match in Champions League.
I don't think this final will require both teams to decide victory on penalties, although it's possible but I really don't expect it to happen. But I have doubts about that. I didn't expect the final to result in a lot of goals even though it looks like both teams can score. Liverpool have hopes of winning the match, so do Real Madrid but if I had to choose then I think Liverpool looked more deserving of the favourites tonight.
Real Madrid will have more difficulty with their older players than Liverpool but Real Madrid actually have some good young players such as Valverde, Rodrygo, Vinicius, Camavinga. They can be helpful players and substitutions for them if the match goes to extra time.
Although Liverpool have a younger age in average so they will have more advantage if the final goes to extra time, it does not mean The Kop will easily to beat Real Madrid in extra times. Their opponent are experienced enough to play defensive aggressively and wait for opportunity to score decisive goal if The Kop play carelessly in last 30 minutes of extra time. We see it in football many times. A dominating team will want to finish a match without penalty shoot-out but sometimes they were beaten by very late goal of opponent.