No, we're not there yet. Ray tracing in games is still merely augmenting traditional rasterization, and requires heavy post-processing to denoise because we cannot yet run with enough rays per pixel to get a stable, accurate render.

I feel like we are - I can run Minecraft RTX at 4k with acceptable framerate using DLSS 2.0 on a 3090. Minecraft is using pure raytracing (no rasterization). It also isn't using A-SVGF or ReSTIR, so there are 2 pretty big improvements that could be made.

Minecraft RTX does suffer really badly with ghosting when you destroy a light source, but my intuition says that A-SVGF would fix that entirely.

That being said, some of the newest techniques, like ReSTIR PT (a generalized form) have only been published for a couple of months, so current games don't have that yet. But in 3-6 months I would start to expect some games go with a 100% RT approach.

Still orders of magnitude away from full tracing, only as a part of traditional rendering, with a ton of hacks on top.

Actually, there always was a lingering suspicion that brute force simulation might get sidestepped by some another clever technique long before it's achieved, to get both photorealism and ease of creation. ML style transfer could potentially become such a technique (or not).

Unlikely to be done on CPU