There might be a good reason for this. Raster effects were already really good in newer games, and ray tracing could only improve on that high bar. It’s filling in details that are barely noticeable, but creap ever so slightly closer to photorealism.
Old games start from a low bar, so ray tracing has dramatic improvement.
I’ve been playing Cyberpunk on an RX 7900XT at basically maxed out graphics, with only some of the raytracing reduced to get it to a consistent 60 fps. The game looks stupid good. But the raytracing is only for shadows and reflections and it has such a massive impact on performance, though I know my GPU is not as effective at raytracing as Nvidia would be.
Like the other reply mentions, Control also looks great with raytracing on, but the scale is not the same as Cyberpunk, so the framerates don’t suffer as much.