Comment 21 for bug 1698083

Note the lengthy description of that option which make it very clear that this option should not be changed:

  "Setting this option to false can lead to buggy behavior, so users are strongly
   discouraged from changing it from the default of true. Many actions (e.g.
   clicking in the client area, moving or resizing the window) normally raise the
   window as a side-effect.

   Setting this option to false, which is strongly discouraged, will decouple
   raising from other user actions, and ignore raise requests generated by
   applications. See http://bugzilla.gnome.org/show_bug.cgi?id=445447#c6.

   Even when this option is false, windows can still be raised by an
   alt-left-click anywhere on the window, a normal click on the window
   decorations, or by special messages from pagers, such as activation requests
   from tasklist applets. This option is currently disabled in click-to-focus
   mode.

   Note that the list of ways to raise windows when raise_on_click is false does
   not include programmatic requests from applications to raise windows; such
   requests will be ignored regardless of the reason for the request. If you are
   an application developer and have a user complaining that your application
   does not work with this setting disabled, tell them it is _their_ fault for
   breaking their window manager and that they need to change this option back to
   true or live with the "bug" they requested."

So, considering this very explicit warning and given that this is not possible to have this option working in Wayland (by design and on purpose, clients cannot manipulate the window stacking in Wayland), my take is that we should simply ignore this option under Wayland.

I have filed a bug and posted a patch upstream in GNOME bugzilla for this.