From the looks of things, it is hard to think of anybody else other than Mercedes locking out the front row and cruising to the finish... like a lot of the races so far this year!
It was mentioned (or suspected) in Spa that they compromised the setup for the race encase of changing conditions, which never eventuated. So if the conditions are dry for this weekend, which looks to be the case (Sunday there is an increased chance of rain, though late in the day at this stage) no doubt they'll run a more optimal setup for the race.
Red Bull too mentioned that they were striking a balance between a Dry and Wet setup for Spa; Christian Horner made mention of it according to commentators (so take it with a pinch of Salt!). I think they'll be further behind Mercedes here, purely on the power unit side alone... some have mentioned Renault causing them some grief, but I don't see that happening realistically. They might've had a solid race car in Spa, but when the Mercs and Max weren't busy trying to save the tyres to make it to the end, they were consistently pulling away from the rest of the field. I have a suspicion that because Mercedes and Red Bull might've ran compromised setups for the race, they could've been using the tyres more in the corners due to higher downforce levels (again, just a thought!), so that might've played a part... compared to the Renaults running a completely dry setup for the race, enabling them to have better tyre management and wear. Regardless, has to be said the Renault Power Unit seems like a handy bit of kit in a straight line...
... Which leads me to Ferrari!
Personally, I think they'll have a better weekend here than in Spa (probably because it can't get much worse!) but again, like the reasons mentioned above, Binotto mentioned they were banking on the potential of a wet race in Spa (compromised higher downforce setup) so as a result that just compounded the lack of pace they now have in a straight line at Spa. In saying that, no doubt it'll be a struggle for them breaking into Q3, but personally I reckon there's a higher chance of that in Monza than in Spa if the conditions remain dry. Charles might score a point or 2 with a bit of luck, though that'll also have to come down to Ferrari having a perfect weekend pitstop and strategy wise; Pains me to say as a Ferrari fan, I don't see that happening as of recent... umm, events.
FInal point with the engine mode 'clarification' that is due in; Personally, I'm not completely against it per say, but at the same time I don't quite understand why it was needed? I really don't think it'll change the pecking order at all, and as others have mentioned, if anything it could cause Mercedes to further extend their advantage over the rest of the field... depending on how the engine manufactures compromise their modes and settings, it might give Ferrari (including Alfa Romeo and Haas) a thread of hope they can eek a tiny bit of pace back on everyone else (doubt it)! I also reckon this 'clarification' or whatever you want to call it, should've been introduced for the start of the 2021 season instead of halfway through this year... it just seems like an attempt in hope of adjusting the pecking order a bit, which will probably end up doing more harm than good.
*AND breath*