I don't disagree with any of that, but saying he's below elder gods isn't exactly a knock against his power in the overall MKU lol. He's also manhandled Raiden on a number of occasions, too. He won Armageddon. Liu Kang being a better fighter than him isn't saying much either, the guy's the chosen one of the series. He's easily the best martial artist in the universe. So I mean...you've listed 3 people who're better, one of which is an elder god, another of which I don't exactly agree with, and the 3rd being the chosen one. I'd say that still makes him one of the most powerful characters in the series, probably top 5.
Til MK 11, everyone was below EG level but now we have "Titans" lol who are apparently higher than EG but not developed. I just see them as higher Gods and currently the top of the food chain. But yeah just saying, MKA he was amplified he had Blaze's power against Raiden, Raiden has also manhandled Kahn during MK 9, then the EG finished him lol. Raiden holds back too much, but we've seen him beat Shinnok several times(who's way more powerful than Shao Kahn let's be real here) Raiden at his best no morals and with the Amulet he'd demolish Shao Kahn, Light Raiden would give him trouble and has proven to best him. Dark Raiden would destroy him lol. Especially if he has the amulet. You saw what he did in MK 11 right? lol Between Shinnok, and taking out armies of the undead WHILE weaker mind you. Plus, as everyone else confirmed once Shinnok was defeated and his head taken off, Raiden literally went to other realms he deemed threats and killed God knows how many other Gods, Emperors, Kings etc who would threaten Earthrealm on his own. Shao Kahn needs armies, Raiden did that shit on his own lol. Remember what Kotal Kahn said in story? He confirmed this as well. Now I know the Shinnok think people like to use the "well cassie cage beat him" but that was only due to her power being able to beat Gods specifically but to me I don't see that as any worse than LK beating Shao Kahn in H2H.
I can list a few more higher than Shao Kahn but my point is, some people put him on this pedestal of highest most powerful villain in MKU, he's not lol. That's all I'm saying. He's one of, sure but not
THE most powerful. The way he beat onaga wasn't in Kombat or outpowering him, he poisoned him....lol. If you wanted me to list more who I'm SURE can beat Shao Kahn, Fire God LK, Cetrion, Kronika, Kouran(the guy is an immortal so he can't die), Geras(same reason always comes back he's pretty much the Doomsday of MK, even Raiden after a while can't beat him so he BFRed him lol) don't get me wrong though, Kahn is a badass he's just not unbeatable.
But it's fine man, we can agree to disagree on the Raiden/Shao Kahn bit, I'm just explaining the power levels of both, feats, what both have and can do. A lot of times, NRS tends to jobber them among others.