This topic is quite complicated, but I'm going to try to give my most reasonable input as someone who has mixed feelings, because it would be great a romance with Raphael, however we must be realistic.

(WARNING: Long text)

Raphael, as the game clearly indicates in our faces, is a hardened narcissist thirsty for power. Of course, Astarion is similar in these respects. However, unlike the vampire, Raph is not bonded and doesn't relies on Tav/Durge's well-being to be happy.
He sees the character as a means to an end through manipulations and honeyed words. And this is where many of us struggle to discern whether such compliments are merely of his nature or there really is genuine attraction behind it. Understandably, as predictable as the demons are, it remains a mystery to unravel their true feelings.

With some research and dialogue analysis, you can deduce that Raphael grows fond of your character "in his own way". Even Korilla, his closest associate, confirms that the devil can feel genuine appreciation as long as you don't tickle his fancy. Because... he doesn't really try to kill you at any point, unless you break in and rob his house. But Raphael is true to his words and doesn't seek your death if you don't get to that point (at least until he gets the crown).

However, attraction and love (whether traditional or toxic) are two things that don't inherently go hand in hand. A more realistic approach would be obsession and persuasion, a cat-and-mouse tug-of-war. True, there is Hope, but neither is it confirmed that Raphael was romantically interested in her. Obsession? Sadism? Certainly, but not a love that, although it could be justified by the human part of the fiend's nature, cannot be born from someone so self-centered. Just look at his house full of pictures and statues of himself, how his only object of comfort is a copy of himself and, as others mention, a damn song of him singing his victory. And let's not talk about his various epics of scenarios where he comes out on top. The game perfectly demonstrates that Raphael has love and romance as the last of his priorities, at least concerning others than himself.

HOWEVER.

What if Larian made a warlock subclass specifically as "Raphael's Warlock"?

It's a concept that has potential to be exploited without going ooc. Let me explain:

This could give us the opportunity to explore the patron/warlock relationship of the two more and in general get to know a closer and more intimate perspective of Raphael without ever triggering into a romance. Did the two know each other before or did Tav sell their soul in some of the encounters present in the game? That could be several options.

Also, it can be combined with a more detailed development, which has fallen short so far, around the Orpheus hammer deal. A new deal that involves Raphael more in the main plot as we asked for, and some personal mission as patron of the protagonist. Another contract maybe? Or some way to help him get the crown for the character's survival? Maybe the player prefers to be subservient or show rebellion?
I don't want to dwell about this further, you get the picture. Not a romance no, but a non-love relationship development. Let's look at it as the relationship between Wyll and Mizora.

This proposal also gives more opportunity to expand the range of knowledge we have of the character. Because yes, Larian has left many things in the inkpot and he deserves justice (The relationship with the dwarf sisters, especially Hope, his past with Gortash, his relationship with Mephistopheles...) And above all the contract so dispensable for the main plot.

Raphael is a very interesting character and a brilliant villain following the Emperor. However, a romance could be his kryptonite and reduce him to a Halsin. So this proposal could avoid this fateful scenario if it comes to fruition.

That is... Getting invited to the House of Hope for the dinner he promised? That's completely necessary and many of us are looking forward to it, romance or no!

Thanks for taking time to read this.
I'll gladly discuss this topic further for those interested smile