The documentation actually has extremely good performance guides for this:
Also worth looking at the Lumen performance guide since it’s usually the primary user of hw raytracing: Lumen Performance Guide for Unreal Engine | Unreal Engine 5.5 Documentation | Epic Developer Community
Unless you’re using megalights/raytraced shadows my advice would be to uncheck “visible in raytracing” on the majority of small meshes, since their GI will most likely be picked up by Lumen’s screen traces and their surface cache will just be culled anyway. It’s a pretty easy performance win… but (likely) won’t work if you’re using Megalights/RT shadows since it will also remove their shadows.