For me, the answer shines clear as a crystal: Collect for a new one with Psycho Cut.
Alakazam is not a great defender, its def-stats are simply too small. Even with a "A"-rated defending moveset does not help much, it will faint very fast.
Alakazam is great in exactly one case: As attacker with Psycho-Cut, when dodging. Charged move does not matter, it is just Psycho-Cut, that actually has the most DPS in game, in connection to Alakazams high attack-stat.