First, dynamic lighting doesn’t imply dynamic indirect lighting. Secondly, it depends on the level of dynamics you need. For example, environment probes only account for light change(direction, color, intensity, etc) but not for geometry change. I’m yet to see an engine that support real GI for dynamic scenes at a quality higher than LPV (something that VXGI and AHR achive, even as broke as they are). Lastly, lot of games are using baked lighting, but that doesn’t imply lightmaps, for example, the environment probes you mentioned can be considered baked lighting, and is something similar to what ubisoft did with ac unity. Light baked to spherical harmonics probes. Something similar to the good ol’ PRT.
I maybe be wrong though, if you have any example of a really dynamic engine, I would love to see that, been looking for it for ages 