Yes, there is quite a clear difference in strength between Liverpool and Everton. The difference in rankings is also a clear illustration of the difference in strength between the two. So Liverpool really deserves to be the favorite. Moreover, Liverpool was the host in this match. And in fact, if Liverpool managed to win in the final against Newcastle in the League Cup, it could bring a stronger mental push to the Liverpool players to continue to be enthusiastic about winning the Premier League title by not experiencing defeat again in the remainder of this season.
Everton are not strong enough to challenge Liverpool and after a disappointed ending in Champions League, Liverpool will focus more on Premier League. They no longer will be distrated by matches in Champions League, and they will not allow any collapsing streak in Premier League. The title will be well controlled by Liverpool, and they will try to complete this task as soon as possible including this match with Everton.
Right now what we really have to worry about is the League Cup final against Newcastle. Because it won't be an easy fight. Newcastle, which actually has a squad depth that is no less good than Liverpool, could surprise us in this match. And I can't even be sure about who to favorite right now.
Newcastle United are stronger than Everton and it's shown in Premier League too. They are competing for a fourth position with Chelsea and Manchester City, and they will not play the League cup final match to lose it easily. Liverpool if playing well, can win that final match but not too easily and Newcastle United are ready to take the cup if Liverpool suddenly have a bad match.