Overall - Raw wins
SmackDown trounced Raw in the women's division, coming out further ahead there than any other particular division in the shakeup. On the other hand, women aren't featured as much as men, even now, so that huge net gain only comes for a minority of the content.
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For more content more of the time, Raw has a slight advantage - with its better tag team division and its slightly better men's division.
Writing will always make the difference at the end of the day, and SmackDown has shown more consistency than Raw in the past year, and it has the benefit of being two hours instead of three, so we'll need to see how it goes, but as of now, Raw has a lead, although a slight one. The 2019 shakeup was different from the previous two years, where Raw clearly won in 2017 and SmackDown clearly won in 2018.