It's a solid classic, but a dated one. I would put it in a similar category as
Deborah,
Stephanie,
Amanda or
Rebecca, all dated classics, but dated to different decades.
Deborah is very 60s,
Stephanie and
Amanda are 80s and
Rachel has a very strong 90s feel to me which is when it peaked, even though it was certainly common before the 90s as well. I also think of
Rachel from Friends. I find the sound a bit harsh as well, but overall it's perfectly fine. I just feel like it's more a name of my own generation and feel that it's a bit tired due to overuse.