Cardiff sailed through Pool Six, winning every game to ensure they were seeded first in the quarter-finals.
That set up a rematch with Toulouse, who beat them at this stage of the competition last season.
Young believes the fact the three-time European champions are the eighth seeds proves how strong the quarter-final line-up is.
He said: "To get six out of six, obviously we're thrilled with that.
"But how much of a reward for being number one seed drawing Toulouse is, I don't know."
Young added: "Anyone of the eight could go all the way, I feel, in this competition.
"There's no easy game there. There's no-one that you'd prefer. But we're just happy to be in there for the second European quarter-final in a row."
Toulouse captain Jean Bouilhou, whose side scraped through in Pool Five after Saturday's 3-3 draw at Bath, was under no illusions over the task facing his side.
"It's a big challenge, a big, big challenge, playing Cardiff," he said.
"They were first in the pools so it will be a very hard game for us. But it's a quarter-final so we will play to our maximum and we'll see after the game."