I'm not saying he wasn't a great player in his own right, but that doesn't mean you would ever consider him in the top 3 players of his era.
Probably not - his peak coincides with Ronaldo, Rivaldo, Zidane and Figo. So he's hovering in the top 5-10 category across a 5-year period. But distilling it down I think around 2001-2002 he'd be in the top 3 and was unlucky not to win a Ballon D'Or. He was chosen 3 times in the European Sports Magazines Team of the Year which I'd suggest reflects his status as one of the best players in the world for a number of years.
For what it's worth, Benzema still hasn't made that European team. I'm not sure he has a compelling case to be a top 5-10 player over a 5-year period either, perhaps slightly lower. If you compare their Ballon D'Or rankings - not always the best judge, but for attackers who both played for Real and won multiple Champions Leagues their vote-winning appeal is much the same - there's quite a stark contrast. Raul has been 2nd, 7th, 7th, 7th, 9th, 9th. Benzema's highest finish was 16th and he spent most of his career hovering around the 20th mark.
To me Raul suffers from peaking early and experiencing a long down-trend to his career. He burst onto the scene at 17, quickly became one of the best forwards around, maintained that level till 25, and then faded for a number of years thereafter. Much like Rooney we sometimes remember the more recent diluted and physically diminished version, rather than the earlier explosive talent who the top defenders could not handle. He was hugely influential in all 3 of Real's Champions League wins, adapting to play different roles in each one, and a fairly regular feature in people's world XIs from 1997 to 2003.