Raytracing is used for part of the dynamic global illumination steps, shadows, and also for the reflections which is a great help. But there are also many other steps that contribute to the overall image quality of the HDR post-processing, glare, etc.

but having dynamic global illumination in scenes is huge as anyone can just build a simple scene and the GI will make sure everything fits together nicely, including the warm bounced lighting in the simple colorful scenes.