It is far better than Predators. Predators was basically just a blatant fanboy love letter to the original film with no originality whatsoever, while Predator 2 was it's own original story (If it had just been Harrigan vs the Scorpios and Jamaicans, movie still would have been awesome, just like the first film) while still a great sequel as well, covering more of the Predator's background as well as showing the consequences of the events of the first film.
To compare, Predators was like Indy 4, an unoriginal rehash that pandered to what was great about the original film, while Predator 2 is like Temple of Doom, a slightly less-better film than the first that expands on the first film while offering up it's own entertaining story.