Of course there are notable counters to a lot of that;
1. On a T4 model that has 3 wounds, so it's not like he's that hard to kill anyway.
2. Yes, he hits pretty effectively - as long as the opponent isn't in cover or doesn't have an invulnerable save like most beatsticks do.
3. A 2+ save is good as long s he can avoid dueling characters with Ap2 weaponry, which is not a small amount of them.
4. Yes, he did get cheaper. Though he remains quite expensive in the concept of DE HQ options. In fact he is the most expensive barring very silly builds.
5. More attacks than what or whom, I suppose is the question - but I will agree his damage output is solid.
6. Yes, he has an advantage over the 40 point cheaper option. Thank heaven
7. Yes, and he's also obligated to be stuck in with a...acceptable assault unit as opposed to being able to be paired with something more fearsome.
The problem is, those good things (of which I think there are really more like 3 than 7) are offput by some negative utility. He lacks assault grenades, he lacks adaptability, and he's very vulnerable to challenges by beatstick commanders (who are at about his point cost).
It's really the vulnerability to beatsticks that is his issue, because at nearly 200 points on his lonesome, I expect to have a character that will stomp in a face when needed. Look at what Lysander costs, or a Chapter Master on a Bike, or even a kitted Warboss, then compare them to Draz in combat. It is not overly favorable for the uber Incubus and those things are all in his ballpark of cost and don't have as many built in limitations - they can be used in multiple ways to boost a variety of assault units whilst Draz is left to lead Incubi or run solo. That's what's really dragging him down.
Just as a thought, I had him assault a Succubus in cover with an Archite Glaive.
Without even figuring out her drug effect;
She swings first - 1.33 wounds to Draz.
Draz swings with 7.5 attacks (1.5 from rampage and using the extra swing rather than the damage boost from his klaives) 1.45 wounds to the Succubus.
She will generally win that fight on the 2nd or 3rd round and costs half what he does.
If she assaults him;
1.66 wounds from her the first round.
Draz does 6.5 attacks = 1.17 wounds to her.
Again, this doesn't use combat drugs, so most of the time (barring leadership and initiative rolls) she will actually be doing better. Also, yes, I did include his extra attacks on wounds of 6 in these numbers.
She also can join any unit unlike him, and has assault grenades and will get a Warlord trait.
The only loss is the Eternal Warrior thing - but I get a model that costs substantially less basically just for losing that.
I think Lelith would take him straight up.
What he performs better than them against is stuff that has T5+ *and* also has a 2-3+ armor save (as otherwise it's better to just shoot it with poison weaponry anyway) *and* that hopefully isn't in cover and/or has trouble with 2/3+ saves for him and his Incubi to mulch.
I consider that too narrow of an optimal target to be worth the points.
Basically it's bikes, like, that's what he helps with, as long as they aren't in cover, and he and his Incubi will suffer a bit against them in the Grav gun overwatch....but...eh. I'd rather have Grotesques jump bikes, personally, but that is about Draz's sweet spot.
I don't think that's worth it.