Yes, that's why, Atletico Madrid who are 7 points behind, Real Madrid who are usually the favorites to win La Liga now seem very difficult to win La Liga because of their failure against Valencia which resulted in the points gap with Barcelona getting further away,
Barcelona have been the favorites to win the La Liga title this season since the beginning of the season, even I am not sure Real Madrid will win it after they won it last season. Real Madrid do not have a record of winning two titles in a row in the last decade, so their chances are very low even though some of their fans are very optimistic. But the chance is always there for Real Madrid and I believe it is never impossible, but considering the points gap that already exists, Barcelona's chances are certainly higher.
If you look at the current condition, yes, Barcelona is the favorite to win La Liga with a difference of 4 points from its eternal rival, Real Madrid. Although there are certainly several percentages possibilities of failure, but in my opinion, it will be difficult to happen and Hansi Flick probably will not let his club end like that. They are very passionate and their winning spirit is very high this time, they believe in winning several leagues, not only La Liga, but they also have a strong desire for the Copa del Rey and also the UCL. If they can win the Treble win this season, after the last few bad seasons, this will be a very valuable victory for Barcelona in the midst of the financial crisis they are experiencing.