RB Salzburg is very clear this season they are really bad in the Champions League. They have only won one match out of a total of 6 matches played. So yeah, I personally am quite sure that Real Madrid will really be the favorites without us having to doubt it.
The only thing that makes me doubt is the last match in this phase, namely because Real Madrid's opponent in the 8th match is Brest. Brest may not be very consistent in their own domestic league but in the UCL I think they are a force to be reckoned with. So Real Madrid cannot be careless when facing them. But even so, we can still favor Real Madrid because in terms of the quality and depth of the squad, we can still see that Real Madrid is much better.
Real Madrid vs RB Salzburg on 22nd January at Bernabéu mean things could be well favourable for them and having easy win because Salzburg is currently in the worst situation due to their poor run in six games they have only one win against Feyenoord and their chances for top 24 almost ended now they are playing their remaining matches just for filling things with Real Madrid after this win could be in top 15 which mean chances are high for them to have spot into playoffs for next round which could be also not bad.
Brest is surely surprise package into this season with their performance in Champions League currently they are in top 8 and their next game is against Shakhtar Donetsk which is another worst team in this season and Brest can handle them for having their spot into top 8 but surely last game which is going to play in France could be interesting, but Real Madrid know how to have win and go through for next round.