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.
You are very correct the old format isn't a bad one at all and neither is the new any worse, I even love the fact that the new is even getting to bring out the best in any team such that like you have Said it will be well deserving for any team who scales through and are crowned the winner in the end but with the old pattern, somehow luck can help a team and they will find their selves scaling through already and not getting fixed against some tough teams who could have stood in the way for them not to secure a chance to winning the trophy in the end but it's different with this new pattern.
In the end, the old format and the new format all remain the same, the only difference in this case may be in terms of competition and more matches.
Although for now it might be fine but there must be some consideration when there is a big annual event such as the world cup, Euro or Copa America because after all with the new format there are definitely more matches and this is what must be seen not to let the players be suspended because they are although professionals but still they are human.
I like the new format where the schedule is quite a lot to release the thirst of football but on the other hand, don't let the players be pressured by the many schedules so that they are lacking in rest which means Ufa must balance and adjust the schedule so that it is not too close together especially when there are several big events later.