Unfortunately since the Preview version of UE5, Epic has disabled emulated raytracing console variable which allowed Pascal GPUs to use hardware ray tracing. Fortunately, there is a way to work around this, you have to recompile the engine from source with a slight change to one of its files, the steps are described in this thread reply: Cant enable raytracing in ue5 (gtx 1060) - #24 by Julian_Stys