When I said hang back I meant at mid range. Raiden has 3 main weaknesses in base: zoning/counter-zoning, safety and aerial presence. That's why he suffers when he's at full screen or when he's up close. However he is good at mid range. Normals like F4, F11, B1, F3, B3 are great footsie tools to whiff punish at different ranges and all lead to good damage. Just staying at around starting distance (the distance at Match Start) with your opponent is pretty good for Raiden since he can threaten with F4 which is 19f and mid and -3. In TW, your fly cancels and tp cancels are geared more towards creating space for whiff punishing rather than being absolutely safe. However as established they are very heavily dependent on defensive bar so you might have to be playing defence most of the time and be very patient. Teleport is great on a read against projectiles and Raiden does have decent damage. Don't forget storm cell is an exceptional launcher since its giant hit-box can catch opponents in the air easily from multiple angles (use it in conversions, anti-airs, etc), and it jails from pokes, so it's a massively unsafe version of Outtake's rising star except your reward is a full combo every time if the opponent guesses wrong but if they sit and block then you eat big damage. Of course that opens up poke into poke and poke into throw and various other mind games.
If you do find yourself up close, remember to abuse his frames on hit from F3 and s12 from jails. F3 is your best friend up close, so bully with it a lot. If you like playing more offensive and prefer to be more safe then I would suggest Raijin since it's move set can plug up Raiden's base weakness better than TW does.