My apologies, first of all, for the number of posts I've made...but bear with me, I've developed a keen interest in this part of the topic dealing with iterators and in-line var substitution.
You said your problem was isolated in the copy of features without data from that same source that satisfies a query...see my last post. The idea was to use FC2FC with a query to output to a in-line sub determined output. An alternate idea was to modify the point shapefile output with Delete Features with a query entered at the tool, Make Feature Layer.
Please see the attached model graphic (and toolbox zip containing that model). What I have done is 'similate' your Rasters iterator with a Feature Classes iterator (I do not have the Spatial Analyst extension, and didn't need to simulate that part of the model anyway).
Let me explain:
The Extract Values to Points in your model was substituted for Copy Features in my model to simulate feature class output (points in your case; polygons in mine). The output in-line var sub name for yours is %Name%_raw.shp; for mine it is %Name%_CF (CF stands for Copy Features).
I used Make Feature Layer and Delete Features to operate on the individual CF outputs, essentially removing the features from each those satisfying the query, "PARCELNO" LIKE '2166%', which is a static query (the '%' in this case is a SQL wildcard character).
This ran without error, making each copy for each fc found in the gdb, appending text to the input name, then proceeding to execute the same SQL query on each CF output via Make Feature Layer....once there is a feature layer 'handle' on those records to delete, this is in turn fed into Delete Features (no error trapping provided). The final outputs are the individual CF feature classes with the designated features removed - carried out by Make Feature Layer and Delete Features, 'moderated' or fed by the iterator. So a 2nd 'hard copy' output was not necessary.
Hope that helps...ordinarily I would script this type thing in Python, but this is an interesting way to do it too.
If you're still having problems, I would examine the 'intermediate' output and the query to make sure those are valid. Hope it isn't a bug somewhere....
Thanks,
Wayne