There are two different types of NR here. High ISO NR is the kind that is similar to what LR might do. It would not be applied to RAW. Becaise it is kind of a one-size-all setting, there is no way it will be as good for every image as LR can be, but of course, LR is only as good as your ability to work the controls.
Slow shutter speed NR os a totally different thing. It works by taking a second picture with shutter closed (but for the same length of time), right after the real picture, to see where the noise will be. This noise is then subtractd out from the original image. This applies to RAW as well.
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