Sure, that's mostly because a well coached, energetic and hard working team can very much overcome a team coached by a decent, not great, manager with declining superstars who don't work as hard as in the past. It's a two legged tie, margins are slim.
Things become very diffcult for Liverpool when they meet a superior team which is just as willing to work hard and fight for every ball. And this is when they fail, much like Atletico, which are similar to Liverpool. Both AM and Liverpool will find it hard to carry their style all the way to big titles. Becase when the workrate and intensity is up there, at very high level for both teams, the quality of the players tends to be the separator in most cases.