The A, B, and C versions of Tsubaki's 236 are punishable on hit.
In any case, like what metsuke said, Rachel isn't really a threat at any point of the match. Her mix up game is atrocious, and you can just sit there holding downback and just react to 4B when you see it. Rachel isn't at any point scary, so I think just being patient is the best way of beating her easily. Don't be like that stupid Ragna in a recent video that blindly rushed at her and just ate projectiles all day.