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.
Yes, PSG are still maintaining their impressive game in the Club World Cup as well. Even without Dembele they were able to do a really good job which proves they aren't mostly dependent on him.
On the other hand, Real Madrid is getting better and better with Xabi Alonso. His choices are more different than Ancelotti as he is giving young players more chances.
Mbappe and Dembele are both back too so we will see whether a side will manage to finish it in 90 minutes.

Right now PSG is the team that should be feard as they still have the energy and form that took them to lifting the champions League last season and they are never getting tired of being better as they have displayed I their games since the beginning of the competition, the team is unique and their style of play shows how they are not affected by the absence of any player in the team which is one fantastic thing about the team right now. PSG facing the Real Madrid team under the management of Xabi is going to be Wonderful they have all their players bafk in the team I think we should expect a good game but I hope it all ends in 90 minutes.