I would say it looks like you need to adjust your Substrate material properties to look correct while ray tracing. If you are using a legacy material converted to substrate, I think that would explain why it looks more correct while the PPV is set to Raster.
If you rebuild the Substrate material and adjust the properties for SSS MFP, IOR, and whether you use a clear coat layer, you may achieve better results with Substrate/Ray Tracing Translucency.