That game is hard. PSG had an excellent season and Real Madrid changed a bit comparing to the previous season. I would say PSG looks favourite to me before the changes in Real Madrid and right now I still think they can make it.
The match between PSG and Real Madrid in the final round will certainly feel like the final round, indeed PSG has been more consistent so far and PSG is in a high winning spirit mode. Moreover, the competition between the two is not only in the game but there are several things that make them compete in several things. For example, when it comes to Mbappe to Real Madrid, even now RMA is eyeing Vintinha, and PSG's strong desire to eliminate Real Madrid wherever it is.
Yes, the match will certainly present a prestigious match, both of them will definitely not give in, especially PSG who certainly have a deep grudge against Real Madrid, but we'll see who will win because their reputations are equally high at this time, Real Madrid is also in the process of adapting to a new coach and Xabi Alonso will try hard to think of the right strategy to beat PSG.
They are not just competing on the field to reach the final but they want to show also want to show their abilities in front of their fans, PSG is currently in their best form and facing Real Madrid is something they are looking forward to avenge what they took from PSG.