Here's why. Kaido himself explains it. An awakening is when your body AND mind catch up with your powers.
What do Kaido's powers mean, then? Let's look them up.
https://yokai.com/seiryuu/
He represents the virtue of benevolence.
In Chinese mythology, it is linked to noble, divine, and auspicious characteristics [...] It is a strong and kind dragon [...] The Azure Dragon serves as a defender of the land and its inhabitants. It’s often linked to farming and agriculture because of the widespread belief that it can bring about rain and fertile conditions on the planet. [...]were revered as mighty and goodly creatures because of their collaborative efforts to restore peace and harmony to the world.
Looks to me like his mind hasn't caught up with his powers yet... Someone else in the story fits this devil fruit much better.
Kaido's body caught up with his devil fruit, but his mind would never match it.
Momonosuke's mind is aligned with his devil fruit and his body will get there eventually. Will Vegapunk prove himself able to make a true replica?
I think so. But I hope this should be enough proof that Kaido wasn't Awakened, using lore and symbolism rather than powerscaling.