If I'm attempting to model & predict Realized Volatility as defined as the sum of squared intraday returns. Does it make sense to evaluate GARCH and GARCH variants? If yes, are there special considerations given that part of the model is modelling the vol of vol?
Many of the applications of GARCH models that I have come across are fit against the returns of underlying processes (equity returns, fx returns, etc.) NOT the volatility process itself. If I am trying to develop a model to predict the RV process itself, are there better options?