Games

In short

Raytracing is pure math. Its sort of a realistic simulation of real light and how it interacts with materials. As you now color is light and colors can bleed and mix trough light even on non transparent materials.

Of course the games implementation matters a lot, i bet not a single game is capable of using the full capacity of what raytracing can offer.

On the point of traditional light still looking as good (or better in some cases) that makes alot of sense because this is done with manual labor and intend. (Yes even with dynamic lighting though gamd engines make it easier) The results are technically leas realistic (but depending on cut corners neither is rtx) but they may be more creative and atmospheric if done by skilled artists.

For a player its going to be up to preference and realistically non rtx light will remain just fine but now imagine the dev perspective where rtx may be far easier to implement.

Though i never heard of a game ditching traditional ligjt for exclusively raytracing but as the tech goes fully mainstream we may see that happen.

Edit: not so short but still far from complete