Real Madrid is a team that can perform consistently and in the matches that matter to them, they perform much better than expected. If expectations aren't high for Real Madrid this season, expectations won't be high for any other team.
I think the Spanish Super Cup final was also an important match for Real Madrid, but their performance was far from expectations. Even though Man City is in a bad period, it doesn't mean they can win the match easily, especially before this match takes place, Madrid has to face Atletico in the continuation of La Liga. Real Madrid performance depends on the strategy carried out by Ancelotti because the players' energy will be drained in the Madrid Derby to fight for first place.
Manchester City are not a weak team but their performance has been poor this season. Since Manchester City have enough experience of good performances before, they can do well against Real Madrid and it will not be surprising if they win against Real Madrid. I think Real Madrid are thinking about this more than we are thinking about it and they are planning to prepare themselves that way and then come out against Manchester City. Basically, Real Madrid or Manchester City can't go wrong in this important match. If Real Madrid or Manchester City make any mistake in this match then the result could go against the team that makes the mistake. Which team wins will depend on the performance on the field, but given the way Manchester City and Real Madrid are currently performing against other opponents, I'm slightly ahead of Manchester City in this match.