I sincerely hope that they don't, but I fear that whatever sanction is handed to them (perhaps a one year ban, rather than two) may be less than they deserve.
We will find out soon. If Man City escape punishment it leaves the entire concept of FFP in ruins. Moreover, the post-COVID football landscape already looks set to be one of increased inequality; leagues will be increasingly lacking in competition and bankruptcy will affect more and more teams. Without spending controls we will end up in a situation where every league looks like the Scottish Premier League, i.e. not really a competition, but an exhibition for a couple dominant players.