I studied 3d design in 2006/7, and I eventually dropped out, but it left me very interested in computer graphics still. Back then I remember having to let a render pc just working on a scene for a whole day, if you wanted a ray traced still scene, if there was enough reflected stuff in it and lightning. So yeah, I am extremely excited for ray tracing to be getting more and more supported in vidya, and I really do believe it is the future of graphics. But I also agree with you, that current consoles are only able to do very limited ray tracing, at least until there is a proper dlls like technique for them. But some games are showing in limited capacity that it can look really nice, like the spiderman ray tracing. But the limitations are also already very obvious (no reflections in reflections, moving stuff at half the frame rate in ray traced reflections and so on). In some games I think it would be better with 60fps, and demons souls is probably a very good example of that. I havent gotten my ps5 yet though, as an European I am in a tier 3 country for sony. But it looks pretty good still, even without ray tracing, even if I dont like many of the design changes. But it honestly does not have a huge wow factor on me, it still looks fairly rooted in last gen. I will have to see myself soon though (if they deliver on my pre order... pls)
But I cant lie, pc gaming is and always will be where my heart is. Even if I end up spending 70% of my gaming time on pc playing csgo or football manager, which really dont need anything much (although i do need that +400 fps in csgo!), I will keep getting new top of the line gpu's, usually skipping a gen each time (went from 1080ti to 3090 a few days ago). Will that be held back by consoles? No doubt, but again, even with that, if I can get much higher quality ray tracing, play in an ultrawide resolution, and generally have everything a notch or two up from the console counterparts, with a framerate of 120, then I am pretty damn happy. That will always for me, be well above what consoles can do, and while I can already see the limitations of consoles (which are pretty obvious with demons souls tbh, even if it looks good), I can always max out my pc games in one way or the other. But I will still really enjoy the visuals of a Naughty Dog game, and what they can do with all their clever tricks and crazy amount of animations and so on. But when TLOU3 comes out and is 30fps with ray tracing, I will still feel it's a bit of a pain to turn on the console to play that, and dream of a future where sony release all their shit on pc.