Okay, first things first:
This Game already looks very impressive!
I would love to play it, as soon as it is done.
Second:
When you search for shader in the project settings, there you will get a few tickboxes to enable or disable raytracing.
Doublecheck this, if there is any option enabled, you dont want to be enabled.
You have the target hardware set on scaleable right?
I think we will hear from another in 2024, so have good luck and stay healthy!