Maybe it's still too early to predict the next season, but with Real Madrid itself it's different. They still have a bigger chance than other teams, but I don't think that means they can't be beaten. Of course there will be another team that is just as strong and can beat them even with a thin skirmish. We'll see in the coming season because only time will tell.
I think the same as you, although you always have to be very careful, sometimes the team that may be last in the table, even that is about to fall into the 2nd division can win in a purely impressive way, because that has happened, right now in the UCL the teams are more motivated, more reinforced and with more desire to win, with less probability of losing by making mistakes, because those mistakes are the ones that the coaches will work hard to prevent from happening again, so Madrid will always be the favorite, only now they cannot and should not lower their level, I think Ancelotti will know how to position a new team with very good players, but I insist, I see Madrid's midfield weak.