You are right, Real Madrid and Manchester City are the two favorites in the Champions League this season, but unfortunately they had to meet too soon in the quarter-finals. I was basically expecting Manchester City to play Real Madrid in the semi-finals, but that never really came true.
Real Madrid has home advantage in the first leg, while Manchester City will have it in the second leg. Manchester City already have experience beating Real Madrid, but they will never be able to do the same thing every season if Ancelotti has learned enough from his mistakes last season. I would certainly expect the opposite, I mean Manchester City must can beat Real Madrid in the quarter-finals this season.
I would actually prefer to see the two meet earlier where they meet in the quarter-finals which will be a big match that will show us who is the best between them. I'm still quite confident that Manchester city will be able to beat Real madrid because I think their strength this season is stronger than Real madrid. Manchester city has several key factors where they have a great mentality to beat their opponents.
Moreover, the first leg will take place at the Bernabeu stadium, which means Manchester city must try as hard as possible to steal victory at Real madrid headquarters. Haaland, Foden and Alvarez are expected to be able to perform optimally by contributing their best strength for the first leg. However, I don't think Real madrid is weak, but this season of course Manchester City is the strongest team and they are quite difficult to beat. Pep Guardiola will pressure his players to perform at their best because the opponents they face are quite strong.