We can't say much at this point but I'm pretty sure that City won't win it again. They need 1 bad game in knockout stage and they will be out. Going 2years without bad game it's really hard and City does not have legacy of Real M to do that.
That being said, I agree with your point, but we can't completely exclude the possibility that they can perform as well as or better than Real Madrid in the Champions League. We won't be able to make a decision until next season's Champions League begins and we watch how each team performs in both their domestic league and the Champions League group stage matches. We can at that point make conclusions or guess on how the champions league will play out in the end.