This is just from my experience but I play against a decent Rachel player regularly and it's definately not a 5-5 matchup but 5.5-4.5 to Hazama. Probably not 6-4 but close.
Hazama's close range game is pretty much superior to Rachel's if he plays it right and once he gets in it's really hard for Rachel to get him out. And generally by the time she gets him out, he'll have enough meter for a Distortion. Rachel can't really eat any attacks as he can pretty much hit-confirm most things into a huge meter building combo. At full screen with Lobelias planted it is kinda hard for Hazama to get in but he can fake his chains and C cancel right before the lobelia so he lands before it or barriers it and gets him closer to Rachel. He can also do a 2D 9B follow up which pretty much launches him across the whole damn screen and while it's possible to hit him out of it with sword iris it's pretty hard I would think, never been hit out of it before. What makes this hard for Rachel is that if Hazama has a distortion, she can't throw anything out on the ground lest she eat a rekkazan (his portal DD). If she sj's to lay out a lobelia then Hazama has an easy chance to get in on her or at least get closer.
While she can lobelia on reaction to chains, Hazama doesn't always have to throw his chains foward. A 4D from high enough will get enough hitstun to go into a combo so he can just launch his chains pretty high upwards then go across to where Rachel is and then just aim straight down. If he hits he gets more follow-ups with his drives and can go in for a combo.
So pretty much Rachel just doesn't have enough tools to keep Hazama away from her forever and once he gets in on her it's a pretty dangerous for Rachel. She definately does not want to eat a Jayoku combo and his BnB hurts enough.
