Imo it has less to do with photorealism vs non-photorealism and more to do with pbr (physically based rendering) vs non-pbr. The former attempts to recreate photorealistic graphics by adding additional texture maps (typically metallic/smooth or specular/roughness) to allow for things ranging from glossiness and reflectivity, to refraction and sub-surface scattering. The result is that PBR materials tend to have little to no noticeable difference between PBR enabled renderers so long as they share the same maps.

Non-pbr renderers, however, tend to be more inaccurate and tend to have visual quirks or "signatures". For an example, to me everything made in UE3 tends to have a weird plastic-y look to it, while metals in Skyrim tend to look like foam cosplay weapons. These games can significantly benefit from raytracing because it'd involve replacing the non-pbr renderer with a PBR renderer, resulting in a significant upgrade in visual quality by itself. Throw in raytracing and you get beautiful shadows, speculars, reflections, and so on in a game previously incapable of it.