Where the traditional rendering code is all based on hacks and tricks that simulate real life, raytracing is simply a set of formulas borrowed from a physics textbook. An engine casting more realistic shadows than a ten million lines of code rendering library can take less than a thousand lines of code.
The current raytracing acceleration is intended to boost some highlights and shadows in practice. The hardware isn't powerful enough or optimised for rendering real, full-screen games. Even a 3090 will have trouble rendering some Minecraft scenes, for example.
If the right hardware ever becomes available for the right price with enough consumers, proper raytracing engines will be feasible and complicated render paths will eventually be much simplified. Perhaps not to the point that they can be, no, but they'd be much simpler than the engines we're using now. We won't be getting Disney levels of quality, even at our own computers' resolution, but we don't need that. Equivalent to today's graphics but with proper lighting everywhere is an amazing graphical advancement already. Time will tell if that will ever happen.