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The versions tested were 1.004.000 on PS5 and 1.0.3.0 on Xbox Series X|S (both were using the latest version at the time of testing). The 120fps mode was captured at 1080p. Ray tracing was enabled in the 60fps mode tested on PS5 and Xbox Series X which uses a form of ray tracing for certain shadows. Xbox Series S doesn’t have a 120fps mode or a ray tracing mode.”

https://www.essentiallysports.com/call-of-duty-cold-war-a-comparison-of-frame-rate-and-ray-tracing-on-ps5-and-xbox-series-x-s-esports-news/

Though it sounds like you're not missing out on much. The ray tracing is supposed to be very subtle and only has a minor effect on shadows.

https://www.youtube.com/watch?v=AnW_GmGIv1c