Overall, Real Madrid's performance this season has indeed declined quite a bit. And what is most often seen is their mentality, it is clearly visible especially when the late game is almost over. In previous seasons, Real Madrid often surprised their opponents and made them unable to stay calm at all if the final whistle had not been blown, because they often made epic comebacks and scored goals in the late minutes. But this season? That is quite rare.
And in this match against Alaves too, they almost lost, fortunately Camavinga had scored 1 goal before the red card on Mbappe occurred, so their condition could maintain the leading situation until the end.
Real Madrid performance this season has not been as strong especially when it comes to finishing games well. They mostly be known for scoring late goals and turning games around but that is not happening as much this year. In their match against Alaves they almost lost but Camavinga scored goal just in time to help them win. Team might be struggling with things like planning or player tiredness or feeling overwhelmed which could be affecting their confidence and decision-making. Currently Real Madrid is in second place in LaLiga with 66 points and while they do great at home they have not been as strong in away games.