H2H Bayern Munich vs Real Madrid can be said to be quite balanced because their victory is only a little difference and Real Madrid is clearly favored, but in my personal assumption where the semifinals between them prefer Real Madrid to win rather than Bayern Munich there are other reasons behind it including Bayern Munich failing in the Bundesliga although not as a reference.
Yes, although it cannot be denied, Bayern Munich is also one of the strongest clubs in the UCL, with their various advantages, Bayern cannot be underestimated. Its strength is not far from Man City, but overall, Man City is more equal in terms of strength in all lines, strong in all.
Here, Real Madrid needs to try optimally again, like they did with Man City and must be even better. They really understand Dortmund's ability to gain possession of the ball, as well as their significant attacks. So, surely Ancelotti has considered all this. Even better if you look at the H2H of their matches so far.
However, I am also the same as you, I still believe and support Real Madrid to qualify for the final round, meeting PSG, that will be very interesting.