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.
The old format is good and it is been very good way to determine champions even though the draw do favor some teams.
This new format will be good and any team that emerge to be the winner of either the UEFA Champions League, Europa League or conference league would have followed big strategy that will make them to worth the championship. I think squad depth will actually say a lot in the entire process, but luck will still work on some teams and experience will actually tell a lot in the process. The next season’s Champions League and Europa League will be interesting to watch.