What's the debate now? We cannot currently beat Cole. He's a peak Lvl 3 (and as we know with Lvl 3+ you can just keep building strength), we JUST evolved. Just because Mommy the 4th said it that ONE time doesn't mean it still applies.
I also HIGHLY doubt that his only ability is jazz heater hands. I'm sure there's much more to it than just molesting people with a touch of his sweaty ass palms.
If a level 3 just keeps building strength forever, then conceptually, a peak level 3 superhuman isn't possible. The ceiling technically is infinity and the rate of improvement isn't supposed to slow down after reaching a certain power level. But that's not very important.
The important part is that aside from abilities, the main differentiating factor between level 3s should be power because it gives more benefits overall compared to the lower levels. There is nothing stopping MC from actually having more power than Cole even as a newborn level 3.
MC evolved very fast so the low level peaks didn't slow him as much as they could have and his rate of improvement is astronomical.
Some ideas in favor of MC:
1) Ella has been a highly compatible superhuman for 6 years. MC has been a superhuman for 9 months. Ella hopes that MC will reach a point where he will challenge her, and it will happen quickly because she doesn't want to wait for him "forever". Deus also thinks that MC will be able to challenge Ella but he should wait till he can "impress". This means that MC improves significantly faster than other superhumans, including the highly compatible Apostle spawns like Ella.
2) Every time MC evolves, he becomes roughly 3 times as strong as he used to be. 10-14 to 30-34 during second evolution, 90-110 to 290-310 during third evolution. Assuming that this is the case for evolutions in general, and MC has a better rate of improvement compared to the average superhuman, then he can quickly catch up to Cole and even surpass him.
3) I did some math using the 3x power on evolution assumption and using an approximation of Laurie's rate of improvement. Basically Laurie as a newborn level 3 would be around 110-120 power in time to fight Valravn. Valravn is a Class B threat and HERO tends to send level 3s for that job. MC had around 80 power and an ability that countered Valravn. So the average newborn level 3 having around 110-120 power isn't very far fetched. MC has 300.
4) We have indication that Charlie has been a superhuman for about 5 years (Shopkeep calls kid MC Charlie during the flashback). If Charlie's durability is similar to Cole's, then he is in big fucking trouble!
Disclaimer: I don't claim that my 3x power on evolution theory is correct, but it's a way to showcase how a newborn level 3 could possibly be stronger than a veteran level 3.
Additionally don't forget that pretty much all HERO members have been Superhumans and level 5 for far longer than Ella. Clark who considers himself the weakest have been a level 5 for longer, and has been a superhuman for 4 years longer. Gillibrand claims that he can beat some of the level 5s, so Clark is a good candidate for that eventuallity. Ella completely destroyed Gillibrand in a 1v3 after toying with him and never taking him seriously.
An idea in favor of Cole:
Valravn's attacks generally revolve around his sword. Cole fought against Valravn at full power (allegedly, I don't believe the little shit, he probably made others fight it and he tried to play hero in the end), and just surviving the encounter is an indication that he has a way to avoid melee attacks. It's possible that Valravn never managed to close the distance but I find it improbable. I think it's not very likely that Cole could melt Valravn's weapons but perhaps he has some kind of ultimate defense that allows his to tank a Mantis strike. However we should also note that he couldn't mitigate Nico's knives. Perhaps the difference in power was too great or he never saw it coming.