PLEASE ! - Don't remove Raytracing Reflection (Deprecated) in 5.4

Not an expert, what are your project and post process settings? for lument and reflections.
Getting the feature back is not going to be easy, you better stay on 5.3.

I also have been told that he could be some settings to tweak, you could look at

  • disabling the screen traces (in the lumen reflection settings of the post process)
  • enable hardware raytracing for lumen in the PRoject settings with Ray Lighting Mode at “Hit-Lighting for reflections”
  • making sure raytracing is enabled to r.raytracing.enable 1