Let's play it on your terms, then.
Itachi recognizes that, even with Kisame right there, he will fight Jiraiya to a stalemate and suffer wounds. A stalemate means that both sides cannot claim victory, and Itachi has Kisame on his side. Jiraiya had a beat-up Sasuke and a chakra-drained, untrained Naruto. However, Itachi never recognizes Orochimaru as being able to come close to beating him, let alone reaching a stalemate with him.
The logic still applies.
He took a lot of hits, sure. But to say that he would outlast Jiraiya based off of that alone is false. You're assuming he would even be capable of killing Jiraiya when the evidence so far dictates that Jiraiya, at the time, was an overall stronger and more skilled shinobi than Orochimaru. That evidence, again, being Itachi. Who, according to the official statistics, is only slightly more powerful than Jiraiya.
How are you trying to apply obvious showings of comedic action to this? When Sakura strikes Naruto in the back of the head, that's for comedic effect. It has no implication on her combat abilities, because we all know Naruto would work her in a fight. So, Naruto logic is linear, actually. Naruto > Sakura, Sasuke > Sakura, Naruto and Sasuke as of yet to be determined once again.
JIraiya can decide not to look Itachi in the eye, thus avoiding Tsukiyomi completely. He can dodge Amaterasu. And in Sage Mode, he could bust Susanoo up just like A broke the ribs of Sasuke's Susanoo.
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