In general, I agree, but I think you underestimate the benifits it provides. While ray-tracing doesn’t add much to more static or simple scenes, it can make a huge difference with more complex or dynamic scenes. Half Life 2 is honestly probably the ideal game to demonstrate this due to its heavy reliance on physics. Current lighting and reflection systems, for all their advancements and advantages, struggle to convincingly handle objects moving in the scene and interacting with each other. Add in a flickering torch or similar and things tend to go even further off the rails. This is why in a lot of games, interactive objects end up standing out in an otherwise well-rendered enviroment. Good raytracing fixes this and can go a really long way to creating a unified, but dynamic look to an enviroment. All that is just on the player’s side too, theres even more boons for developers.

That said, I still don’t plan to be playing many RTX or ray-traced games any time soon. As you said, its still a nightmare performance wise, and I personally start getting motion sick at the framerates it runs at. Once hardware catches up more seriously, I think it will be a really useful tool.