There are 2 Fields where the Wolfhound has different competitors.
-- Solo and Group PuG:
Competitors as said: Arctic Cheater

( yea I know not so cheating anymore ), Firestarter, Jenner, Raven, Spider, Panther, Urbanmech, Adder, Kitfox.
And I'm not sure if I should mention Spider, Raven, Adder and Kitfox as competitors sice they got deviating mission profiles.
Wolfhound is primarily a smal arms carrier while Raven and Kitfox are primarily EWF Mechs an often used as light long range support units.
Spider is also more of a classic scout and electronics carrier and Adder a light artillery / firesupport platform. So ... they should not be real competitors.
So it boils down to what you meet manno a manno: ACH, Firestarter, Jenner, Panther ( Wolfhounds Kurita antagonist wich should be conquered by its design ), Urbanmech.
- ACH has clantech, more weapons and still questionable hitboxes, in addition to ECM so the Wolfi isn't realy a match for it...or it shouldn't be.
- Firestarter has more hardpoints ( 7-8 vs 5-6 ), jumpjets, but is not quite as nimble ( TTurn and Arms ) as the Wolfi and is slightly larger. So there ARE ups and downs even if the the ups may reign supreme. ( personaly I feel the firestarter to a lot more squishy than the Wolfi )
- The Jenner is jumpcapable and has an equal number of hardpoints vs the Wolfi. Its Weapons are either on cockpit level or above.
The SRMs of the Jenner can deliver more frontload dmg in theory but are more prone to missing the target entirely or distributing the dmg more than lasers.
In addition the jenner is quite prone to death by CT loss.
So its a lot more squishy than the Wolfhound.
Less exposal due to hardpoint location vs more squishyness.
- The Panther is larger, slower and carrys fewer weapons while it is jumpcapable. In addition the Panther tends heavylie to be a oneside wonder with its right arm blown of its next to neutered.
On the battlefield I felt the panther to be nothing more than easy pray when sitting in my Wolfi.
It may be personal but there it is.
- The Urbanmech....well. While I think the Urbie may be a nice waldo unit for rearguard duty for assault mechs and for tracking fast moving targets it is the natural pray for Wolfhounds.
So I would say the Wolfi is quite on pair with the Jenner but weaker than Firestarter or ACH.
-- Community Warfare:
Since its largely IS vs Clan the ACH and other Clanmechs are enemys on the battlefield but not competitors that you could choose over the Wolfhound.
So its FS9, JR7, PNT, RVN, SDR or the Urbie.
I think we can discard both the Panter and the Urbie since they both got crippling downsides versus the Wolfhound. The Raven got ECM, the Jenner better hardpointplacing and more squishyness, the Spider got ECM but only half the firepower of the Wolfhound and the Firestarter has Jumpjets and more weapons. ( and is hotter as well as a bit more squishy )
So....no I don't understand why the Wolfhound is so underrated. It has a bit lower firepower and manoeverability than the Firestarter but it has more stayingpower and runs cooler.
I would put it on rank 2 of the IS mechs on pair with the Jenner.