Which version of Rakitic are you talking about? Sevilla 13-14 and Barca 14-15 ones are comfortably a whole tier above Fede's best.
Sevilla 13-14 he was much more of an AM IMO, so not really. More like Barca 16-17 or so. Yea, I agree Rakitic was clearly better, especially at arriving in the box and/or at shooting from long(ish) range.
But Valverde is a player of good work rate, capable of pretty sharp finishing, but without too much passing or dribbling ability. He's not a DM, not a playmaker, and not much of a player with creativity. He'd work well if you had a playmaking fullback on his side, like Marcelo, Alves, and maybe Cancelo. To have Valverde doing the legwork and showing up on the defensive end and for runs in the box and whatnot, and enhancing that player's freedom on the pitch.