Deoxys-Defense arrives in regular Tier 5 Raids alongside its other 3 forms in the second week of the 2019 Ultra Unlock. Deoxys-D's Base 144 Attack prevents it from ever being relevant for PvE; however, if you're into PvP, Deoxys-D is a complete monster due to its bulk.
The same bulk that makes Deoxys-D such a powerhouse pick for PvP makes it the most difficult Raid Boss to date. Defense Deoxys is the only Raid Boss that cannot be defeated with 3 trainers in neutral Weather, instead requiring a minimum of 4.
Minimum viable levels assume Best Friends, No Weather.
Note: All calculations assume regular Tier 5 HP, and not the boosted "Tier 6" HP that Mewtwo received in 2018.
Italics indicate a Legacy move.
Gengar is king. Even with Psycho Boost, Deoxys-Defense is so weak that Gengar survives for much longer than it usually does, allowing it to output its top-tier DPS for a longer duration.
Thunderbolt significantly ramps up the difficulty of the fight, leaving fewer viable options available.
The importance of Gengar cannot be overstated - if you have any Legacy Gengars, power them up and they will make this fight much, much easier, regardless of their IVs.