This is what we found out.
I also have an AMD Card, the RX 6900 XT. Just today I found out about the Source Radius setting on light sources. Turning it down to 0.0 should fix the ray tracing issues. As far as I’m concerned, Epic put out a glitched 5.1 product since 5.0.3 seems to works fine. It’s definitely weird too since I’m pretty sure the latest AMD Driver, 22.11.2, released before UE 5.1 did. I haven’t tried to downgrade my driver to double check. Hopefully the next UE update fixes this issue. Thanks for staying on top of this nuclearpeace!