It does make sense...the list of clubs tells us that Newcastle would be unlikely to win it. You need to also consider who drops in it after the group stages of the champions league.
What you're doing is looking at everything through black and white goggles and finding reasons ro convince yourself that Newcastle were unlucky and held their own... we finished last mate and only managed 1 win in 6 games.
Newcastle hasn't won anything since 1969 ... the most likely way to end that is the conference league... even the league cup means beating all the big clubs to that prize which is much more difficult than beating Lille and Fiorentina isn't it.
All I want is a trophy.. finishing 4th and losing quarter finals semis and finals every year for another decade plus we can do much more freely if we get the 1st pot.
Final paragraph I agree with, the rest is too black and white. We played well in those games and held our own, simple as. If we can do that in the Champions League and finish 7th/6th this season, then we're easily capable of competing in the Europa League/Conference next season.