UE 4.26 Ray Tracing multiple bounces - objects not reflecting each other


I have been struggling for a few hours to make this work properly… So I have two spheres with a reflective material applied. On the ‘Lit’ mode - which I guess is the ‘Final render’ mode, I can’t see the multiple bounces on the sphere reflections, while on ‘Reflection’ mode, the set reflection bounces (3) are visible. What am I doing wrong? I’ve been toggling parameters all around… any help welcome!