Well, not necessarily. In terms of raises/salary increases that's more of an issue for the unions than the Betriebsrat, since it usually concerns a whole industry and not just a single company.

As for the "valuing workers over shareholders" stuff ... Well, maybe? To be perfectly honest this isn't really what a Betriebsrat is about. I mean sure, they do have some influence, but in general their territory is more in terms of company operations, less in terms of how much is paid out to shareholders.

To be perfectly honest the Betriebsräte are facing much of the same problems that most other elected bodies are facing in the western world (or at least Germany). Sinking voting share, less and less people caring about it and as they kind of loose some soft power.

They still have the hard power guaranteed by law of course, but their soft power is essentially waning.