The new format will benefit teams with good squad depth. They will be able to rotate players for each match. This looks good for the big teams. But I think on the other hand this new format will not harm the underdogs because usually the top teams have a tighter schedule than the underdogs. I don't know if my opinion is right or not (cmiiw). This is a new format that was first implemented in European competitions. Honestly, I still miss the old format which I think is very interesting but we can't stay in the past. I hope this new format can make every match interesting to watch.
Looking at the teams who qualified for the Europa this season, interestingly, not many of them have got an awesome or very brilliant depth, but at least they are at almost same ranges with slight differences above each other. The Old format isn't gone long enough to miss already but then we are expectant of a good and smooth working for the new format, as for the underdogs, it's going to be a new way of engagement for them as they aren't engaged this much before now except in their domestic leagues.