Indeed, FC Noah of Armenia knocked out AEK Athens on their way to the Group Stage last year: https://en.wikipedia.org/wiki/FC_Noah#European
And Shkendija who we scraped through against on away goals back in 2015 knocked out FCSB from this year's Champions League qualifiers: https://en.wikipedia.org/wiki/KF_Shkëndija#Results
Plenty of beatable teams there, but also plenty of teams that can punish us if we're sloppy.