I agree with the three things you said. Adaptation, player transition and injuries are three things that Ancelotti is dealing with at the same time. Maybe if Real Madrid current manager was not Ancelotti, we would all see them in the middle of the standings, and probably would not qualify for the last 16 of the Champions League. Luckily Real Madrid have a manager of Ancelotti caliber. The ideal squad built by Florentino Perez for Ancelotti has not worked optimally, maybe it will take longer to see Real Madrid perform at their best.
Actually, the Real Madrid squad was being optimal before recruiting Mbappe. They have Vini, Bellingham, and Rodrygo as a trio of machine goals for Madrid. But all was changed after Mbappe came in, which may be because schemes change and someone has to give that superstar stage to show his performance. It's a big project for the Galacticos, Anceloti is just going along with Perez who wants Real Madrid to be commercial like in the past. Mbappe is still confused about situating himself, he doesn't know how to behave on front of fans where it should to be expected when he should play well and score goals.
Yes we all know that at that time Real Madrid without Mbappe has become a strong club and won the Champions League and domestic league titles but at the same time everyone if Madrid added one more player like Mbappe then the club will be stronger especially their fans who really want Mbappe and Florentino Perez really likes this player. Mbappe fans also want the player to move to a giant club like Real Madrid after everything is achieved now everyone is criticizing Mbappe and saying otherwise, but this can be an experience that not always a club full of star players can perform optimally on the field.