Or is it just one of Phil's balls in my throat?
Resident Evil 3 on PS5 and the Xbox Series consoles has two graphical settings: High Frame Rate Mode and Ray Tracing. The High Frame Rate Mode and Ray Tracing can't be enabled at the same time, so there are three different modes available. All three consoles in all modes appear to use a form of checkerboard rendering to reach their stated resolutions.
PS5 and Xbox Series X in all modes render at a resolution of 3840x2160. Xbox Series S in all modes renders at a resolution of approximately 2240x1260. The High Frame Rate Mode disables ambient occlusion on all three consoles https://bit.ly/3NNb9QQ The ray tracing used here seems to be a form of RT GI and RT Reflections.