This is the fact, aside having the squad it is still difficult remember Liverpool lost the Europa league last two season, it require consistency and good team play. I think this they can build with the Conference League experience and possibly even win it, which will be better. After all, I think Lyon has a better chance of winning the Europa League since they have much experience in UEFA competition and a much stronger squad.
In cups, your team can play well but don't win titles because with knock out format in cups, your team must be not only strong but also have enough luck support to beat many opponents till the end for lifting a trophy. It is more difficult than winning a league title that requires best performances in general throughout a long season. In league, there is enough chances for your team to make mistakes, lose points but still be able to lift a trophy at the end.
Liverpool are still very competitive in a new season after a first successful season with Arne Slot and especially some big transfers this summer that potentially can help the team becoming much stronger.