Tsunade fans blast this 24/7 but clearly they were equals back in their youth but currently there is no way very few people even know of Orochimaru's true strength than: Sasuke, Kabuto, Sound 5, Suigetsu, Karin, Jugo and all of them aren't out to get Orochimaru. Jiraya's Sage training was only really known in full detail by Naruto and the Frogs, I believe it could be argued as a Support Ninja she can be as useful as them because she clearly was of huge help with her abilities to Heal, Great Strength, Ability to Supply Chakra(like when Oonoki made that huge Jinton) but in a 1v1 scenario she clearly falls short especially since Orochimaru can now use DSM as shown by his new body which is a Zetsu(Hashirama DNA) and its Canon Orochimaru's been to the Cave so he now has that ability and Jiraya + Ma&PA would own Tsunade Mid Diff being generous.
Here they were equals:
Here they are not:
Both Orochimaru and Jiraya have Sage Mode
Here they were equals:
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Here they are not:
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Both Orochimaru and Jiraya have Sage Mode