There will be no favorite team in El Clasico later because both teams are still in the same condition in terms of performance. Real Madrid, although considered to have a great squad since the arrival of Mbappe, currently Ancelotti has not found the right formula, coupled with player injuries. Likewise with Barcelona, although this El Clasico is played in front of its own supporters, this does not guarantee that Barcelona will win because so far Barcelona has not proven strong when facing strong teams below it, plus many players are injured. So it is likely that the first El Clasico this season will end in a draw.
For the match of the season? In El Clasico it's clear Barcelona have a high chance of being the favoured team to win. It can be seen based on the performance of each team when the league starts with Barcelona and Madrid goal productivity which has a significant difference. I think it's far more objective to measure based on facts rather than perceptions of just Real Madrid being a big team. I know that every time El Clasico starts, both teams will play their best but that all if the main squad is in combat ready mode. Seeing Madrid in crisis important players become homework for them when doing El Clasico do not let the match run disappointing.
Yes, if you look at the consistency of this season, Barcelona is indeed more favored than Real Madrid, but in fact both are still equal, Real Madrid also still has good performance, even so far Real Madrid has not experienced defeat while Barcelona has experienced 1 defeat, but Real Madrid has experienced more draws, that's what makes Real Madrid 3 points behind Barcelona, but in the El Clasico match later it will be proof of who among them will be more favored, honestly if you look at it as a whole, many Barcelona players have also suffered injuries, just like Real Madrid, so it's not entirely true that Barcelona will easily beat Madrid, especially this match will be held at Real Madrid's headquarters.