In terms of prestige it doesn't carry much weight, but it's still a title + a derby + City are certainly pissed off that United beat them at the end of last season. I think both clubs will have enough motivation to not consider this game random, which means the favorite should win. The fact that on paper City is much stronger than United seems indisputable to me.
Manchester United is getting ready for the match against Manchester City in the Community Shield. Ten Hag started talking about the Community Shield and he said, they will win the game against Manchester City and it seems Manchester United has hope for beating Manchester City. However, some players are not in good form in Manchester City like Aaron Wan-Bissaka, Luke Shaw, and Maguire. That's why there is a chance for these players to be absent in the game they have against Mcnashyter City in the Community Shield.
I believe the bookies more than Ten Hag. There is no reason to think that United have a chance comparable to City. I think Ten Hag's words are bravado to encourage the players, and after the game he will continue his old song about the club moving in the right direction etc. By the way, I wouldn't be surprised if Ten Hag's words give City players more motivation