Yes, in fact, although you're absolutely right about what you said, I think they'll wait until the end of the season to see Ancelotti leave Ancelotti is a highly respected coach , and he doesn't deserve such treatment either I think he deserves to finish both the season and the UCL, regardless of the result.
It's a fact that Barcelona is the most dominant team so far, and if Madrid doesn't get their act together, they'll lose absolutely everything, so now is when Ancelotti needs to show his mettle.
He has done so much at the Santiago Bernabeu and has made some incredible achievements that he deserves to be kept until the end of the season even if he fails to win the Champions League or La Liga. It is not easy to defend a title and maybe if they fail it will not be entirely Ancelotti's fault because Real Madrid's shortcomings are so weak in defense.
Barcelona have been much better so far and maybe they have a better chance of winning the title because they have been quite promising. Ancelloti can do some efforts to catch up, but it will depend on the results of the matches that Barcelona play even though there is El Clasico.