It will be much better if Real Madrid give up the La Liga title, because it will not be easy for them if they is still ambitious with La Liga while Madrid is still struggle for the UCL title.
Real Madrid's current situation is not the same as last season when they secured two titles in one season. In addition, their rivals have also develop from last season
I have feeling they are already given up to La Liga title because right now difference is 13 points with their performance is also not good in La Liga now I have feeling they could be ended up here in La Liga at third spot with Atlético Madrid is doing amazing job and with their impressive performance now difference is just 2 points between them for the second spot which is also achievable as Rea Madrid is doing job on three fronts and with these things are looking not favourable for them to have second spot in La Liga.
Last season they were completely dominating but in this season due to lack of consistency and injuries they are suffering badly in La Liga even their performance in Champions League is still impressive, and now they already have 2 - 0 against Chelsea at home in first leg of quarter-final so most chances they will be in semifinal after having better result in second leg as well.