"For us, we made a step forward in terms of performance compared to the pre-season tests but were clearly third quickest behind Ferrari and Red Bull," explained Mercedes team principal Wolff.
"We know the W13 has potential, and we need to continue learning, find out how to unlock it, and maximise our opportunities for points in the meantime.
"Lewis did a fantastic job to claim P3 and George drove a strong and mature race, making up places to finish P4.
"We scored the maximum points we could and more than we were expecting to. That's partly down to others' misfortune but reliability has always been a crucial factor in Formula One."
Wolff cautious of "steep learning curve" in Saudi Arabia
F1 will visit Saudi Arabia for only the second time this weekend but in new generation cars and with vastly different tyres, the lessons that can be carried across from 2021 are minimal.
"Now we head to Jeddah and a very different track; fast, twisty and much of the lap taken at full throttle," Wolff added.
"We were there just a few months ago for the first Formula One race in Saudi Arabia, and with a new car and new tyres that we're still learning how to get the most from, it will be a steep learning curve.