He's a good balancer who has always had exceptional player quality at his hand. Tactially not even close to the best managers out there currently, like Pep, Klopp, Arteta, Flick, Tuchel, and others. He spent 3 years in Napoli and Everton for a reason.
I don't know if you've followed Madrid's last two CL wins with Ancelotti, but I don't remember a single KO tie maybe other than Bayern last time in the semis, where they weren't the worse team overall. Outplayed by PSG, Chelsea, City, and Liverpool in 2022. Last season even Leipzig was better than them in the Bernabeu. Then completely dominated by City, went through vs Bayern maybe deservedly, but still had to rely on a refereeing mistake, and then Dortmund was more than a worthy opponent in the final, which shouldn't have happened.