You are right, season is not over yet and I'm very optimistic we'll have even better season then City's 16-17. Season is 4 competitions we usually play over the season not just PL.
So winning EL is way better than last 16 of CL. Of course we may not win it but like I said we are favourites.
Okay domestic cups are maybe not important for you but still our final this season in Carabao cup and fifth round in FA cup is better record then theirs semi final and fourth round in Pep's first season. And about PL... If we win 4 remaining games we will finish season with 78 points just like City in 16-17. Third or fourth absolutely not important. Even if we finish sixth and win EL it's still better season in my book.
In the end one question for you. We finish for example sixth this season and win EL. Liverpool finish second with 97 points and lose CL final. Who do you think had better season?