Yes, the x,y,z values are a raster (cartesian coordinates for x and y, z is elevation, m is a separate value to be analyzed later).
Why would we take a raster that exists, geoprocess xy table to point and then geoprocess point to raster?
That doesn't create a 3-dimensional image, you just end up with another raster under the 3D Layers tab in the contents pane. I do have the advanced license.
I'm wanting to create an 3-d image based on data from an imported Excel sheet in .csv format that looks similar to the attached image.