I created a new project in 4.22.2 for Ray Tracing. I enabled the DirectX 12 as the default RHI, turned on RayTracing and SkinCache.
After creating a test box scene the reflections are working with RayTracing but the global illumination and ambient occlusion are not.
I’m not sure if those reflections are raytraced, might be screenspace only. In your Post Process Volume, switch Reflection Type from Raster to Ray Tracing and watch for a difference. If it is the same, raytracing is not working. Your 1080ti should be fine. Check your light, it should have “Cast Raytraced Shadow” enabled. For raytraced ambient occlusion you need an ambient cubemap plugged into your Post Process Volume.
The problem seemed to be with the Sky Light having a sample range that created a cubemap that was outside of the brush box I was using. By decreasing the range to 200 (cm’s) or 180 the scene started to be lit but was still dark. Increasing the intensity scale to 5 or 10 helped a lot.