Jurgen Klopp's team ultimately beat Italian champions Inter Milan comfortably with a 2-0 win at San Siro, while Pep Guardiola's City took apart Portuguese title holders Sporting CP.
Back-to-back nights of English dominance against European champions have sent a statement to the rest of the competition, with reigning champions Chelsea still yet to come.
Last year's final was an all English affair as Kai Havertz downed Man City, and it was the same story when Liverpool beat Tottenham in 2019.
This week also saw 2020 finalists Bayern Munich and Paris Saint-Germain in action, with Bayern drawing 1-1 against Austrian champions Salzburg, and Kylian Mbappe downing Real Madrid.
Neither performance impressed former Chelsea midfielder Cundy, particularly in comparison to what the Premier League teams had to offer.
"The rest of Europe, they are miles behind," Cundy said. "PSG maybe, Bayern played tonight, I thought Salzburg were desperately unlucky to not even take a big lead into that second leg.
"They're out of it Inter, even if away goals counted the tie is over.
"I don't know what the rest of Europe must think, this is the best that Italy have got to offer from last season, it's the best side in the country, Liverpool didn't have to play well and they cruised past, they ran out 2-0 winners and really, Inter didn't lay a glove on them.
"Right now I can't look past the English sides and particularly City, and particularly Liverpool, I can't see past those two right now."
Uefa have Italy's Serie A ranked as Europe's third best league, behind the Premier League in first place.
Inter won Serie A last year and are now in the midst of a tough title race following the departure of Antonio Conte and Romelu Lukaku, but still managed to put on a decent display against Liverpool.
That was nowhere near enough though, with the eventually comfortable nature of Liverpool's win putting them in a potential champions bracket alongside City, according to Cundy.
"Liverpool, it was just one of those performances away from home, you go into a tough stadium, you know the atmosphere is going to be partisan," he said.
"Inter did the best they could, but they couldn't lay a glove on Liverpool, it's going to be an English winner again, I can't see past an English side again."