Ray tracing is solving the light transport problem in the hardest way possible. Each additional bounce adds exponentially more computational complexity. The control flows are also very branchy when you start getting into the wild indirect lighting scenarios. GPUs prefer straight SIMD flows, not wild, hierarchical rabbit hole exploration. Disney still uses CPU based render farms. There's no way you are reasonably emulating that experience in <16ms.
The closest thing we have to functional ray tracing for gaming is light mapping. This is effectively just ray tracing done ahead of time, but the advantage is you can bake for hours to get insanely accurate light maps and then push 200+ fps on moderate hardware. It's almost like you are cheating the universe when this is done well.
The human brain has a built in TAA solution that excels as frame latencies drop into single digit milliseconds.