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.
Your prediction on Barcelona to win Real Madrid is considerably a good option looking at how Real Madrid team is staggering and started off this season on a bad side, However, when it comes to El Clasico games, most times these two teams usually meet, their form don't really matter much to the outcome of the, Real Madrid isn't totally in bad bad shape , they sweep the three points out of Barcelona's hand.