There are always surprises in the UCL, but statistically the players Madrid have are very strong and may even be scary for other teams. But if Madrid is too confident, I'm afraid they play by degrading the opposing team so that Madrid is weak. But in some UCL matches Madrid can always make something extraordinary and that's what makes them have a tested mentality with the 15 UCL champion.
As for Man City I think they are a strong club, when the quarter-finals of the season were the final match too early because I championed Man City in 2nd place after Real Madrid. Next for next season I think Man City will make a lot of changes with player transfers. So i always prefer the two club can make more in the new season.
One thing that I have never found about Real Madrid is that they never underestimate their opponents, whether in the UCL or in La Liga, even so, Madrid will still consider their opponents to be strong and can provide tough resistance. So those who underestimated Ancelotti and his troops until now were completely wrong. For Ancelotti, now he doesn't need to think about strategy, because there is Davide Ancelotti who is always his father assistant. It was proven against Bayern Munich that he took the initiative to enter Joselu in the +80 minute because of Devide request. Almost 70% of Madrid players are controlled by Davide Ancelotti, but most of us don't realize it.
Apart from that, if you look at the UCL next season, Real Madrid's chances are bigger than this season. The entry of Mbappe and several other players who are rumored to be coming to Madrid will make Ancelotti squad even more solid next season.