Nope.
We have electivire, which has higher DPS than it, but less TDO, and when its released, Megnazone, which is part steel so it resists things more than raikou, has 97% its DPS and a lot more tankiness than electivire, and significantly out TDO'ing Raikou against blizzard kyogre and any other pokemon that magnazone resists the moves of harder than raikou does, which happens a lot.
That is just pure preformance, assuming level is equal, but Raikou's a legendary, it demands rarecandies unlike the easily farmable species specific candy that the nonlegendaries do, as well as being FAR easier to get lucky version of the nonlegendaries. Electric(and raikou) is also a very niche type, not a good generalist type like dragon, mewtwo with shadow ball or Meteor mash metagross, when its specialist opportunities come up, its the best, but thats not often and in my oppinion, doesnt justify the rarecandy that can be used on many better legendaries.
For those reasons, I dont think Raikou's worth it. Ive never powered one up since getting my first one via research a few months back, and dont regret it.