JF-17 may not be the frontline fight to take on to Rafael 1 on 1, but when properly employed with AWACS, other F-16s or future stealth fighter in numbers, it will create Havoc in air battles.
With AESA radar, PL 15s and low RCS and share numbers. Not only it’s a potent fighter itself but also It’s a force multiplier in many scenarios.
Currently Indians are struggling to find cheaper yet potent replacement for 2nd line fighter to replace their migs.
Ability to pump out decent jets as a replacement and in number without going bankrupt, during conflict means winning or losing.
According to USAF study, for every three Su-35 or J-16, they are expected to lose one F-22. Just keeping this in prospective, Rafael is not even stealth.
So given the Finincial restraints and the immediate threat spectrum, Old men of PAF seems to be doing just fine.