There are a couple of odds that seem to be off. I think England should at least be equal to Germany, but rather ahead as you say. And Spain can never be that far behind either. I don't know if they overvalue the home advantage that much? The last time that a national team won the European Championship in their own country was in 1984 in France. It can't be the home advantage that the bookies value so high. Even Belgium is underrated in my opinion. These are some weird odds and France should be a clear favorite.
I say this repeatedly here (that France is far ahead of the others), but other folks don't agree with me. And I agree with you on the home advantage factor. With or without the home advantage, Germany is a shit team. I don't have a very good opinion about England (especially after their poor performance in the Qatar 2022), but at least I could agree that they are far ahead of Germany. However, I can't agree with you on Belgium. Their peak years are behind them and with the downfall of Lukaku, they are out of contention for Euro 2024.
I am not saying that Belgium is a favorite for the European Championship title, they are not. I related my assessments/statements with Germany's odds and not too long ago Belgium played against Germany and even though it was a friendly game, Belgium dominated the starting phase of the game very hard.
So again Belgium is no favorite, but is Belgium a 14.00 when Germany is a 6.50? I think that is definitely wrong. The odds should be much closer for many teams with an obvious edge for France. But Germany doesn't have a strong team now and they won't be able to change everything until the tournament starts. It could even be a disadvantage that they are the hosts because they have no functioning team, but also no really serious games because they are auto-qualified. It is hard to test your team under competitive conditions when you have no serious games.