Yes, does favour big 6 or so, clubs in euro comps because their revenue will be higher than clubs not in euro comps, quite surprised non euro clubs went along with it.
UEFA did think out aloud about a flat cap, ie not tied to individual club revenue but didn't follow it up, for now.
Can imagine if the likes of Real Madrid/Manchester United had a similar or the same cap as say AFC Bournemouth all hell would break loose ! I suppose though the flat cap would be quite high, or at the median, so AFC Bournemouth wouldn't have the revenue to get up to it. Gets complicated !