Assuming that being the Elder Gods champion elevates you to near fantastic levels. This has not been implied: it is only a title.

Same problem with Raiden. People think he is overpowered becuse he is a god, whereas Raiden as a god is nothing more than a deity - not even on the same terms as the Abrahamic Omnipotent creator.

Raiden is more like a spirit of all lightnings. Though still he is considerably more powerful than the regulars.

Raiden managed to hold-off both Shang Tsung and Quan Chi for quite a long period of time. I'd say this puts him at a very high level compared to some other fighters.

SUB-ZERO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!