Generally, Thunderbolt over Thunder Cage in all formats except 1v1. In all the team formats except 1v1 you had opt out for Thunderbolt.
A rare exception to this would be 1v1, where trapping with Specs Regieleki is pretty good, since it beats things like Endure Custap Berry Primarina, Endure Unburden Weakness Policy Hawlucha, etc. and stuff such as Sturdy Crustle, since the higher output of Thunderbolt is less important compared the trapping of Thunder Cage.
On other formats, Thunderbolt generally outclasses Thunder Cage. Another exception would be beating Focus Sash/Sturdy leads, which is however very uncommon.
Hope this helps!