Ancelotti still continues as the Real Madrid coach despite their humiliating loss to Arsenal in the champions league quarter finals. I also like and respect Ancelotti and so does Real Madrid as a club. But if they also fail to win in the Copa Del Rey final, the loss will be the deciding game for Ancelotti’s sack.
I don't think that winning Copa del Rey may change Ancelotti's fate, which has probably already been decided. The team's chemistry is not the same, this year they lost a ton of matches, last year, if I recall correctly, they only lost 2 matches in the whole season. I believe Ancelotti is still a great coach but bringing in Mbappé made things harder for him and he didn't find the right tram balance, just look at Bellingham, he's underperforming a lot compared last year.