We have to see how deep the squad is that Madrid has. even though some players are injured, it will not affect Madrid. because they have many player options that I think are not much different in quality. unless Vinicius, Mbappe, and Rodrygo are injured at the same time. that might be serious for Ancelotti. if the situation happens in another team, it might be very influential. but for Madrid, I'm sure they can still perform well. but we also see whether the new system used for the group stage with 8 matches will benefit Madrid or not.
I don't think you really know who is suffering from an injury. They indeed have lots of players to play with but most of them are front line players. While most of the injured players are in the midfielder position, so you can't just put the forward players to replace those who are injured, especially in the defensive midfielder position.
This injury crisis has clearly had a huge impact and if it doesn't get better soon, Madrid may face a tough fight in La Liga, let alone the Champions League and most likely it will be quite difficult to always win every match.