It seems that a lot of the current games with real-time ray tracing do not actually do path tracing, they only use ray tracing for shadows and (single-bounce) reflections. Even that UE5 demo doesn't seem to do path tracing, it looks like at best they're ray tracing for iterative updates of global illumination (though that's a guess, I haven't been following that too closely). So Nvidia's use of terminology is largely correct.

Of course, the long-term goal is to have real-time path tracing, but that does seem to be a ways off still.