Might I chime in as a professional photographer and photo teacher?
Realistic doesn't mean good or even pretty. Half of my job consists of faking/alterating light sources or colors. Cutscene lighting is always fake through and through and even in-game lights are usually heavily modified for mood, artisric or navigational purposes.
Ray-tracing is solving the lightmap baking problem, yes. It can speed up the process if you lack artists or resources to re-bake the lights oftenly. But full RT/PT is too problematic for both art and level design departments, becase the 100% accurate lighting is usually dull, flat and just boring. That's why games, just like movies or photoshoots, will never drop fake light. And it's easier to fake the whole model with occasional inclusion of RT for contact shadows or reflections, not full-on RT. Even CP2077, a champion of the tech, while being good for most of the time with RT/PT is suffering in that mode. In some scenes and locations quite heavily, because art is not adjusted properly and cannot be realistically fully adjusted to full PT regardless. For example dark locations with PT/RT are just... Well, too dark. You need to either add a lot of subtle fake lights, mess with the contrast or just turn off the roof for cutscenes in darker locations. Plus static scenes tend to 'pop' more, because they are adjusted by hand and not by the laws of nature.
There is also a huge problem with faking lights with always-on RT, because of the great strain on hardware. You basically need to add fake reflectors, fake lighting rigs and even fake color panels. All to negate effects of realistic shadows and realistic color bleeding. PT/RT is basically bringing real life on-set problems to videogames and nobody wanna deal with that, especially in big-ass open-world games. That's why, for example, Horizon Forbidden West doesn't use RT and very few games even on PC (outside of sims) rely on RTGI for a complete lighting model.
So yeah, RT will be used, but sparingly. It's not always on even in pre-rendered animated films because there is an artistic intention that can be ruined by the light being 'too real'.