Can I just ask is when it comes determining 'great' club sides, which is more important - points accumulated or trophies won?
A combination of a few factors which should be taken into account: trophies, points, consistency, dominance on the field, aesthetically pleasing might be a factor for some, ...
Points, as a stand-alone fact, don't tell a story imo. Going unbeaten for a season however shows determination / consistency / resilience, whatever you'd like to call it, and that's certainly
one aspect of being a great side. If you have no trophies to show for it at the end of the day though, you won't be mentioned as an all-time great side.
That's why you need to combine all those factors. City arguably had the greatest 2-year stretch domestically, winning the domestic treble last season and accumulating 198 points over two seasons. But now Liverpool are (likely) about to eclipse that points total and win the CL and PL in a 2-year span, which I'd rank higher than a domestic treble. City dominated teams more than we do now from what I remember, but seeing out all those close games in the league this season can't surely be down to luck alone imo, there's a mental aspect and attitude needed for that as well.
You can make arguments for both sides, and recency bias usually comes into it as well - I'm astounded if I see people saying that Pep is having a down year, they could still win 3 trophies and will comfortably finish second in the league, yet it's considered a failure already. To me, in my lifetime, 09-11 Barca combined all of the above and are the greatest club side I've ever seen.