I have checked this and can confirm the bug on latest version of latexdiff.
As a quick fix you can use option '--exclude-safecmd=raisebox'.
The example demonstrated some more fundamental problem for commands with
options which are safe and text commands at the same time.
I will look into this when I get some time.
In general it would be great if latexdiff issues are reported directly at
https://github.com/ftilmann/latexdiff
rather than on debian specific bug list. (I have already transferred
this bug report to github - progress will be tracked there, but I will
try to remember to send an email to the deibain list when fixed.
