Their recent tournament record isn't very good at all.
WC 2018: Group stage
EURO 2020(2021): Last 16
WC 2022: Group stage
I'm also not sure their current coach Julian Nagelsmann is a very good fit at all. He strikes me as a system coach who elaborates on complicated tactical schemes which he doesn't have the time for at national level. Rudi Völler coached the team for a couple of games before Nagelsmann came in, and that seemed a much better fit but Rudi was just an interim solution and stepped back.
I watched their recent friendly against Austria, and they were diabolical. They also lost Sané to a red card which means he's suspended for the next three games so they are running out of time a bit.
I think you're never well advised to bet against them, and their group seems easy enough but on the other hand I don't see much that points towards great optimism for the tournament. Unless there is a dramatic improvement I can't see them going beyond the last eight at the very best.