I think so. I'm surprised that Australia has a 4.6 odds of winning and a 2.9 overall odds of qualifying. Despite the fact that Peru is a strong team, these are too pessimistic estimates for Australia. I think that in such circumstances betting on Australia would be a logical move because winning looks more likely than the bookmakers show us.
Between Peru and Australia, it's clear to me that for now, you can say that betting for Australia's win dominates. If from some performances Australia is still above Peru, which does not show a bit of rapid development. We can see that for the last nine years, Peru has not been able to bounce back quickly in the Copa Libertadores. I therefore think it makes sense why people are betting more in Australia.