I had a closer look at the project I thought had ray traced reflections without translucency being turned on and it seems that the reflections are from the reflection cubes and not ray-traced as I claimed before.
I turned off ray traced translucency because I couldn’t get any refraction value to change. The glass would always look odd and very distorted no matter where and what values I put into the specular or translucency input. I guess it is still work in progress in the engine. Or the documentation is out of date.
EDIT: I got the weird refraction problem solved. I had to leave the refraction input empty and set the specular back to 0.5 as a start. Then tweak the specular value. The higher the value the more refraction the glass will have.