The ray-tracing currently being used in high-end PCs, and coming to next-gen consoles, is more of a hybrid affair. Most of the game will use traditional rasterization graphics, with some ray-tracing elements built on top. For example, reflections, shadows, global illumination can be ray-traced. To date, Control has the most in-depth ray-tracing implementation on PC. Movies use full-scene ray-tracing (technically, path tracing) - I suspect we are another generation away till consoles will be capable of that. So maybe in 2027? For now, the hybrid approach is a great achievement in itself, given the ray-traced CG movies still need supercomputers to render!

Improving graphics are always cool, but fun gameplay doesn't age :)