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A hero of at least level 20-25 will be able to defeat it, but it all depends on the map.
Firstly, the Azure Dragons have higher speed, so if they strike first, the Wraith will have little chance of survival with its 200 HP, 19 attack, 17 defense, and a huge damage range of 25-50 (undead, and blessings won't help). Secondly, it doesn't age the enemy as often as one would like. And what can the Wyverns compete with? Their poison? They don't live long either (also due to HP, of which Wyverns have 70), especially if their enemy is an Azure Dragon.
It sounds impressive: "the strongest archers of level 5," but there are only two level 5 archers. At least the Fanatic doesn't have a penalty in melee combat. But, the Lich is still stronger. HOWEVER, that's why they try to take him down first, and this usually happens.
I found someone to compare it to, the Magog, who knocks everyone away with a ball (including his own). Although "knocks away" is too strong a word. The cloud is very useful for the Lich, but what if you're playing against Necromancers?