It does not matter what type of modern engine your ride has... V8, V6, 4-banger, etc. ... if there is some type of performance gain from an axle-back or catback, it is negligible in the hp/tq arena. Changing to those set-ups are just for sound... PERIOD. Most OEM exhausts are very quiet and they have been getting quieter every year. FOMOCO is not the only co. piping "fake" sound into the cabin of their rides. OEM's have been battling with keeping power to the ground due to power-robbing restrictions(catalytic converters and other do-dads that keep pollution in check), noise reducing components, and safety features... these things add more weight, too.
Do an axle-back? You want more volume... Do a catback? You are looking for even more volume... resonator, h-pipe, x-pipe changes? You are looking to change the sound characteristics and still a bit more volume. It's only when you start addressing things past that where you might net real performance gains and whether those modifications are ultimately worth doing.
Gen 2 Raptor will NEVER sound like a V8, no matter which exhaust option you choose... not saying that I do not like the sound of the Gen 2 Raptor. I actually really like the tone!