One of the issues is that you need a really advanced implementation of ray tracing (with GI and reflections) to actually see a meaningful difference because standard rasterization techniques have become really good at faking these things.
In these early gen games where these effects have been tacked on old engines we have seen that the performance hit is too big on current console hardware to allow for a significant implementation, it's mostly ray traced shadows, when there are ray traced reflections they are super low res.
But we know that Epic has done a great job with Lumen on consoles, you can see a big difference in lighting simulation compared to old games and we know the engine runs well on consoles and is being widely adopted. So it's a matter of time until a new generation of games using UE5 are released and we see the benefits. That and developers will learn how to use current hardware better.
The other option is waiting for new hardware with more advanced ray tracing support from AMD. RDNA2 was just first gen ray tracing tech from AMD, it works but it has severe performance limits. RDNA3 is already much better but probably it will take RDNA4 for AMD to be in a good spot.