From my perspective as a North American sports fan, where our leagues have regular seasons and then postseasons afterwards, I've always had a somewhat analogous thought that the domestic league campaigns were the equivalent of regular seasons, the Champions League is the equivalent of the postseason. Not a direct green apples to green apples comparison but it's close enough to me to make it work. Winning your domestic league is sort of akin to winning your division or being the #1 seed in your conference, and I actually like that there's a healthier perspective on that through European football than we have over here. (To wit - the team that wins the President's Trophy in the NHL, which is awarded to the team with the best regular season points tally, rarely has gone on to win the Stanley Cup in recent years, to the point where winning the PT is often seen as a source for meme'ing, which seems entirely inappropriate for showing yourself to be the best 82-game team during the season, bit I will digress.)
Based on that logic, I find it impossible to rate the 2022 Scudetto failure - the 2020 Scudetto failure also deserves its own shout in here, fwiw - ahead of losing the CL Final last year. Even if we went into that game as massive underdogs, it didn't play out that way. People thought surefire-treble winners Man City would run us off the field. That didn't happen. We contained them as well as any team did at all last season, and we did it at the time of the season where Man City had turned on the afterburners and were winning every game they played. But they found the net once, while Lukaku was determined to do everything he could to make sure the ball didn't find their net. If we win that game, against Pep's dominant Man City team and all that glamour, it would've done wonders towards our global brand. And, of course, we'd be celebrating having won the fucking Champions League, and my rather brash claim in 2018 that "we're winning the Champions League again before Juventus does" the day they signed Cristiano Ronaldo would've been fulfilled.
But I can understand the argument for the 2022 Scudetto failure. Win that Scudetto, and we're on course for a third in four years. As I wrote earlier today in the Atleti match thread, win one Scudetto and you're a famous team in our history, but you go from being famous to being legacy when you start stacking Scudetti wins on top of each other. We'd be going for 21 this year, Milan would still be on 18...a little separation from the pack would've been nice, haha. Who knows if we'll ever catch up to them in Europe, the least we can do is be more successful back home. Maybe it wouldn't have stung so much if it had been Napoli or whatever in 2022, but that Scudetto was there for the taking, and whether you focus on Bologna and Radu, focus on the Giroud double in the home derby, focus on the missed chance in the away derby before that (Lautaro missed a penalty in that game...of course)...we had our chances and didn't take them.
But, ultimately, if I was told Inter will win a Scudetto or a Champions League title in a given season, but it can only be one, I would take the Champions League every single time, so I'd pick the Man City defeat first and the 2022 Scudetto failure 2nd in accordance with that.