Shadow Latios will be placed at the #4 slot (DPS*3TDO) for Dragon type raid attackers with a moveset of Dragon Breath and Dragon Claw, behind Shadow Salamence, Mega Latios and Shadow Dragonite respectively.
Access to only Zen Headbutt as a Psychic type fast move, while the Psychic type raid meta is dominated by titans like Mewtwo, Mega Latios and Mega Latias heavily limits the usage of this shadow legendary as a Psychic type raid attacker.
As a Dragon type raid attacker, Shadow Latios is outclassed in terms of DPS by its own mega, marking a rare deviance from the normal trend. Being outclassed by far more accessible and cost-effective shadows such as Dragonite and Salamence causes Shadow Latios to not be a worthwhile investment for raids.