i've made synopsis's of this matchup on a number of occasions. It's definitely even IMO, can lean to either's favor.
While bayonetta has a relatively easy time edgeguarding cloud, and is presented a lot of opportunities to witch time, cloud generally controls the pace of the game and punishes bayonetta super hard. Bayonetta isn't necessarily a good character at approaching, and cloud takes advantage of this due to possessing limit. Some bayonetta's don't even attempt to challenge a cloud charging limit.
Ledge planking is pretty bad vs cloud, allowing Cloud to gain limit by ledge is dumb, and he has good tools to contest with it.
Bayonetta gets comboed hard off of uair, and SH instant uair will even hit her when she's standing, so if she tries to airdodge into the ground it's still really easy to get her back into the air. Make sure not to commit too much, because ya know, bayonetta.
People still don't realize that ABK isn't safe on shield. Against bayo's who spam this, punish with nair or Uair OOS.
When bayo has you offstage, she'll likely try to snipe you with nair or Witch twist. Try to sweetspot the ledge or jump+airdodge through it.
Don't dair a lot. I say this particularly because one, it lingers and isn't hard to witch time, and two, it's a common panic option from people getting juggled or an attempt to make it down to the stage.
When you have limit, save it for a clutch cross slash, or, in the case of a failed witch time, a finishing touch. Limit blade beam is also a really good option vs ledge planking that will KO bayo at around 110%.
so yeah