I don't rate him. Wouldn't even think of exchanging him for Nunez. He's comically overrated on this forum because of his nationality.
He's perfect for the role he has in a full strength City squad.
He doesn't have the attributes to be a lone centre forward.
I see his future as either a squad player/rotational starter in big club or as a starter in a mid level club.
Good player no doubt. Not world class potential in any way, shape or form.
Overrated to what though?
Not sure what you are seeing, but he has a lot of attributes to be a great lone centre forward, scoring in a lot of big games and being versatile. Even if he doesn't score, his overall play and especially his pressing off the ball is a great asset.
Would I start him over Haaland? No, but Haaland is a monster and Alvarez would absolutely start in clubs like Arsenal, Spurs, Man United, Chelsea and etc.