Without Mbappe in the squad last season, Madrid was still able to win the Champions League and La Liga, so the presence of Mbappe in the current squad will of course have a positive impact on Madrid game in the future, although he managed to score two goals in La Liga, but according to I think Mbappe is still not at his best as a goalscorer so far, so Madrid can't expect much from Mbappe at the moment, Ancelotti has a lot of very good forward players currently in his squad, so this really requires wisdom in placing the position of the front players that they have in order to maintain unity and consistency in scoring goals, I think the role that Mbappe had while playing at PSG previously could be a reference for Ancelotti to be able to maximize Mbappe current abilities.
It's true Real Madrid was still able to win Champions League and La Liga without Mbappe, but they still have Kroos and Nacho.
Real Madrid have Mbappe, but they lose Kroos and Nacho, is Real Madrid become better? nope, Kroos is Real Madrid's play maker, losing him give really a big impact to the performance.
Now Modric is replacing Kroos's position, he's not as good as Kroos, but he still decent. In the next year Modric high likely will retire, it's really a big problem for Real Madrid.