Raiden has his AR visor, which will let him see through Smokescreen just fine. He also always puts the visor on during serious battles as well.
Raiden doesn't just start with Blade Mode and walk up to people. Blade Mode takes up a lot of energy, so he normally saves it for when he sees an opening on his opponent. He can use it whenever, but it's more likely he'll wait for a perfect moment to kill his enemy.
(Yes I know the drain speed in gameplay is highly exaggerated, but it's still noted as being draining in canon, just not that badly)
Even Ripper Mode Raiden, who spams Blade Mode, still waits in canon for certain openings.
This fight will start with Raiden charging Izuku, who'll have to avoid his attacks. Izuku's best chance would be to fly away from Raiden and snipe him with Air Force while charging up his Faux 100% to blitz. Raiden's not going to expect that speed boost and has no way of detecting it.
Up close Raiden should be "better" than Izuku. And if Izuku messes up and tries to block Raiden's attack, he'll find himself down a limb.
Which would be a good incentive to get far away from Raiden as possible. While Blackwhip would be a surprising move that could take Raiden off guard. He would just use Blade Mode to cut if off before Izuku could restrain him, and if he's close enough to Izuku, he can finish him off as well.
However, noticed how my chose of wording about Raiden being better than Izuku up close? That's because at 15% and above, Izuku's attacks produce large amount of air pressure with high AOE. If Izuku unleashes an attack up close, Raiden cannot dodge it, and that would not end well for him with his 7-B durability.
If Izuku gets distance on Raiden, he should win. He won't ever let Raiden get close enough to him and eventually will land an Air Force attack on him or use Faux 100% to blitz him. Or he can unleash an air pressure attack from up close, which Raiden can't dodge due to the sheer AOE it would have.
Raiden's victory condition is using his dura negating blade to one shot Izuku before that happens, or blitz him with Blade Mode. If Raiden realizes how strong Izuku is, there's no doubt he'd use Blade Mode to end the fight instantly. But he has no way of detecting Izuku's power until he gets hit.
Note: If Izuku deflects, not block it, but deflects Raiden's blade he should shatter it as well.
Since I have a bias. I'll vote for Izuku just barely. I think him using an Air Force blast up close is more likely than Raiden landing a fatal hit. And if Izuku decides to take distance instead of fighting up close, since he's fighting an unknown individual with a sword. Raiden has no way of chasing him up into the sky.