Well this thread is about arch-enemies, so I mean, that's ok.
But a lot of villains don't start out as big bads, they kinda have to work their way up to it. I don't think he has to stand on the same level as Loki right out of the gate in terms of importance to the MU, he has to earn that. But with a big enough story, he could be, it just depends on the writers.