Checked bag and clearing customs timing?

I am traveling internationally for the first time in a few weeks and am debating if I should check a bag or not. I am flying from the US to Portugal with a 1hr 50 minute layover in Madrid. Is an hour and 50 minutes enough time to be able to go through customs and pick up my checked bag, or should I play it safe and just use a carry on? It would be nice to have a checked bag so I could bring more toiletries instead of having to buy some in Portugal, but I am worried about timing issues, especially with this being my first time flying internationally and I will be alone😅 Anyone have experience at the Madrid airport and know if it is busy or not?