No, Itachi was definite saying its troublesome to fight Jiraiya on the episode where they first confront Naruto. They want to avoid meaningless fight no matter how strong they are because they waste time. Also, Itachi says Naruto should not be rushed and there is still time. And I think when some people are at a level of strength and power in the Naruto series, strength and power does not matter anymore, its the intelect of your fight. Jiraiya certainly IS somewhat of a genius at fighting. So is Itachi and Jiraiya. In the newer manga, it doesn't take strength to defeat enemies, it takes wits... Akatsuki members ARE really strong and Sakura was able to kill one of them. Sakura might be strong but i don't think her levels are at the height of Akatsuki because they are stronger than Hokage.Sakura still killed that puppet guy by using her head. So Itachi must be afraid of Jiraiya's battle style and his strategies. Not to mention i think the leader of Akatsuki is the 4th Hokage becuz they showed the leader of Akatsuki's hair only and it was blonde. If Jiraiya taught someone like the 4th and raised a legend, then thats reason enough to be scared of.