Everything and everyone starts from scratch this season. Some things could be an advantage for Chelsea. Not playing any European competition means they can focus 100% of their resources on the Premier League and the FA Cup and maybe the League Cup. I know they would have preferred their situation to be differently, but they have to make the best out of it and having less games could be used as an advantage. Since the transfer period is going on for so much longer, I wouldn't dare giving a prediction of how they will be doing in the coming season. There could still be several transfers.
Yeah there is a slight advantage with much less things to focus but this season is very much important for the Blues. Chelsea are very strong club and whatever things went down there over these 2-3 years wasn't good for the club but they have to turn around things now. It's a new season, clean slate and they have to make a strong structure -not only in terms of squad but also a good management and board decisions, and also minding the regulations.
Can they make into CL? Yes - but it's tough, very tough. We all know how United improved within a year and I think Chelsea can too also, but they are in much more worse situation as compared to what United were in a year ago. Pochettino has a lot of work to do and he knows it
[1] .
References :
[1] https://twitter.com/FabrizioRomano/status/1677535289374388225