No, never.
Each Ultimate counterpart if by far less powerful than the 616 originals.
I mean look at Ultimate Doom.
He shoots poison gas from the mouth, he's made of organic metal which gave him considerable strenght and durability, and with those goat like legs he can leap very fast, and he can fire metal spikes.
He's good but not a threat.
The real Doctor Doom's armor magnifies his physical strenght to Thing's level, and enhance his reflexes, agility, stamina, plus gaving him invulnerability to a certain degree, which is enhanced from the famous personal force field.He can fire particle beams of high power, fly, and even absorb energies from other sources, plus his armor is also imbued with magic in part and grants him certain immunity and ability to fight magical enemies with more success than Iron Man will.
Stark himself stated Doom's armor is above his own.