A couple newer games have raytracing that genuinely adds detail but it’s pretty subtle and you have to look for it. Cyberpunk 2077 is a good example.
Portal and Minecraft are particularly good examples of raytracing because of how their sandbox aspects let you play with it.
There absolutely is a factor that modern graphics are so even without ray tracing is doesn’t add a whole lot. I still think Destiny 2 is one of the best looking games I’ve played and it uses fairly “old” graphics technology. The reason it looks good is their artists do a good job.