Too early to decide that Real Madrid will be the winners of the Champions League, but statistics speak for the point made, and I get why so many people would like to already declare this. Real Madrid has been unreal in the past few seasons in the most prestigious European tournament, and they can back all their supporters with mind-boggling performances.
With regards to what is happening to Real Madrid in the La Liga now we shouldn't be too confident about them winning the Champions League this season because literally, no one expected them to face this difficulty they found themselves in the La Liga now and considering the level of injuries that has hit the club is already sending a message that things may not really work so well for the team as everyone thought it will. However, Real Madrid is an elite club with quality players so regardless of the injury concerns they can still perform better and possibly claim the UCL again.
It is a common speculation in making an assessment of Real Madrid because the quality of the players they currently have is much better, they also do not lose their popularity so that many people are very sure that Real Madrid will repeat it again this season to win the Champions League for the umpteenth time.
I like your moderate attitude, it is good for us to objectively assess the potential that may occur during the season, from what Real Madrid has shown in the domestic league and the current situation, they do have a few problems, but it does not mean that in the middle and until the end of the season Real Madrid is stagnant, with the quality they have they should be able to turn things around when their condition is normal, but we do not know what will happen in the future.