Currently I would put Barcelona ahead of Real Madrid. Because all the players of the Barcelona team play the match with great responsibility. On the other hand, if Real Madrid has a dedicated striker, I think the team will be complete.
Madrid is probably much more experienced in the UCL than Barcelona, even Barcelona failed last season, if you look at both of them playing well, just look at the domestic league at the moment Madrid is far superior with 3 wins in a row and established them at the top of the standings so it looks like they are right really consistent even though they have not found a striker who can replace benzema's position.
There are too many rumors about Mbappe being able to replace Benzema as a striker in Madrid, but it hasn't been achieved yet and the results are still the same. Madrid with the current squad is also sufficient according to Ancelotti, but we'll see how it goes, no one knows how the two will play in the UCL this season, but what I see in the domestic league is that Madrid is far ahead of Barcelona.
Indeed, if you look at it now, Real Madrid seems to be superior to Barcelona in Laliga. However, when it comes to the Champions League, Real Madrid is still short of manpower, especially now that many Real Madrid players are injured. However, if you look at the current Real Madrid squad, Ancelotti seems to be missing his golden days with Ac Milan in the early 2000s, which he previously coached. 4-3-1-2 or 4-1-2-1-2 became Ancelotti's mainstay formation at that time. There was Rui Costa who was then replaced in an extraordinary way by Ricardo Kaka who filled the attacking midfielder position behind the two strikers. The Madrid midfielder stock is also very much an option this season. They will be very dangerous, especially if Mbappe manages to come to Real Madrid.
But even though Bellingham is there, let alone his good performance, Madrid still has to find a star striker to replace Benzema. Because it's impossible to just rely on Bellingham continuously, let alone the Laliga schedule and Champions League schedule if by chance he can't play due to injury or card accumulation or whatever. Real Madrid will lose power.