Ray Traced global illumination is more than possible on current generation consoles... And is certainly not a gimmick.
Cross-gen games that tack on Ray Traced Shadows/Reflections however isn't providing the bang-for-buck visual upgrade which has tarnished the features credibility.
As for Visuals vs Performance... My preference actually depends on the game.
Twitch shooter like Call of Duty? I prefer higher framerates.
Slower-paced games like Elder Scrolls? - Give me graphics @ 30fps, it doesn't require twitch movement. - Provided it has a quality implementation of per-object motion blur.
At the moment I am playing Diablo 4 on my PC which is locked at 144fps, even though it's on Ultra as my hardware far exceeds the games requirements, I would still prioritize performance.
--::{PC Gaming Master Race}::--
