If you only go by the number of points they have lost so far after 11 games, then you could argue that they are at their lowest. They could not win 4 out of their 11 games, which I think was not the case in the season 22/23. Back then I believe both Arsenal and Manchester City were doing quite well and were not dropping a lot of points during the early phase of the season. It wasn't a perfect start for either of them if remember correctly, but this is unusual for Manchester City. Taking into account how they have been doing across all competitions, I think that this is their lowest considering the last couple of years and how they have been doing then.
It's true that Manchester City has played 11 games in the Premier League but the 4 loss didn't come in the Premier League games alone, it's a combination of games they have played in last month to now and it's 4 in total. They have only lose 2 games in the Premier League, when you compare the number to last season, no hope lost yet because they actually lost 3 games last season and were still able to win the Premier League title over Arsenal.
It's not Manchester City doesn't lost or draw matches, they do but it's been a long time since they lost match in a row. Only teams below top 10 and relegation zone experience such kind of games but there is not best in any competition, anyone can loss and anyone can win and that's just the phase Manchester City is experiencing right now. In my opinion, they can still win this league if they really want to, it's not like they are that bad with much injuries.