I think the key benefit of raytracing is that of dynamic lighting in general: artists don't need to pre-bake lighting, they can just do it like live-action lighting, with faster iteration times. Game studios hire cinematographers etc. A revolution in AAA art workflow.

We're definitely in the hybrid zone for this console generation, though PS5 lead Mark Cerny said he'd been surprised to see some full raytracing (surely tech demos). Maybe PC's can do it, esp with 3090 and following years', but AAA seems mostly console-first (though e.g. cyberpunk 2077 is PC-first). Cross-generation games still need the old workflow, so you don't save until a whole studio can go fully next-gen exclusive... so, perhaps 2-3 years after PS6 gen launch in 7 years: 2030. Or the gen after that.

Couple of boundary counterpoints: most game engines aren't written in assembly despite it being faster; most CGI movies are fully raytraced (though looking at Soul, they seemed to chose a less realistic Special World that was easier to render).