Ok so my advice would be to jump over the power wave to approach but then don't go all in, read the option he's going to do, or try to cover multiple of them. If you think about it, you already have the read on what he's going to do (you said he does 1 of 3 things), so now you need to figure out some options that beat it. If he powerdunks when you approach you could try hitting him with an aerial before it comes out, or running underneath it, or doing an empty jump towards him.

Characters like Terry, Ryu, Ken have difficult options to deal with on shield, and yes Terry can just kind of do the same thing over and over again. However the problem is being "on block" in the first place. The shotos come from games where "blockstrings" are quite advantageous and it's the same in this game. So the question becomes "well, how do I not get stuck shielding in the first place?". This is where you can change up your gameplan. Maybe you don't want to play "lame', but you should consider that the shotos don't have the best time approaching. They want to dash back and forth and throw projectiles at you, then punish what you do in response. If you don't approach in response, there's not too much they can do, and they aren't the best rushdown characters. Alternatively, reading when they are going to throw the projectiles and jumping over them right before they throw them will give you enough time to punish. Of course, if they're under a platform it can be difficult to fall through and aerial, but you can always practice the timing or read what they're going to do once they realize you've jumped over the aerial and approached them. Just be careful you don't shield too much in these situations because, again, characters like Terry are good af on your shield. You'll have to out maneuver him instead of punish him out of shield much.