No, it's not "really so weak that you should attempt the Ruy Lopez." The Italian stands in good stead at the GM level, and some lines offer the club player much more attractive and tactical options than the Ruy, which is far more positional and subtle.
The Italian may be LESS common at the GM level, but is far from UNcommon. The Fried Liver is uncommon; indeed, practically unheard of. But at least in large part because black would never play down those lines. If you play the Ng5 lines against the two knights as white, you'll see a whole of of 4...d5, 5.exd5 Na5. The Evans comes up occasionally at that level.
But mostly, the Italian at the GM level is played with two lines:
1. e4 e5 2. Nf3 Nc6 3. Bc4 Bc5 4. c3, intending a later d3.
and
1. e4 e5 2. Nf3 Nc6 3. Bc4 Nf6 4. d3.
Both lead, more often than not, to positional games with similarities to a closed Lopez. White has a choise of strategic plans involving queenside expansion, or a knight walk to the kingside, followed by a slow buildup of a kingside attack.
For high-level examples, see the games of GM's Tiviakov, Movsesian, and Bauer.
But to be fair, yes, the Ruy gets a whole lot more support at the Super-GM level. So is it observably the "strongest?" Yeah, probably. Should this matter if the Italian gets plenty of love from 2600's and beyond? Not to us mortals. I daresay the Italian'll remain plenty strong for the rest of your chess career.
For the club player, the only reason to possibly prefer the Ruy is that it has a much deeper tradition in chess literature, if studying the legends playing your preferred openings is of particular benefit to you.
Since I've gotten more serious into chess and on this website (only a few weeks ago), my primary opening for white (while I've messed around with the English and, to a much lesser extent, d4) is e4, and after 1... e5 2. Nf3 Nc6, I have entered the Italian game. I've liked it so far because the bishop is immediately pointing down at the f7 square, and I've been able to follow up with the Fried Liver attack, Evans Gambit, or d4 (which happens most of the time, when players play h7 or d6, so if this is a bad response please let me know - also, I've never played 4. c3, is that bad as well?).
But recently I've read in a lot of places that for 1. e4 e5, the Ruy Lopez is the strongest opening for white and that at top level play the Italian game is much less common. So my question to you all is what is your opinion of the Italian game? Is it really so weak that I should I attempt the Ruy Lopez?