"You can view it in different ways," the interim manager told MUTV. "We've got a big squad and some of the players might not get as much game time if we're not in Europe, but if we go on two good cup runs they might get the games.
"I am looking on it in a positive way and I am hoping it will help us in our league form, but we'll have to wait and see."
Darren Fletcher and Juan Mata and echoed Giggs' thoughts, with the former saying: "It helps in terms of having the rest between games – European football takes a lot out of you with the extra matches and the travel.
"So in that respect we can concentrate on the three domestic trophies and we hope to make it work for us, like Liverpool did this season. There are no guarantees of that but we have to look at the rest as something we can use to our advantage."
Mata added: "We wanted to play in the Champions League but it means we will have more time to rest and prepare for games. Let's try to take advantage of that and win many games in the league."
More: Giggs proud after draw | Mata targets trophies