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curl-6 said:

For those who know more about this stuff, is Lumen GI/Reflections raytracing or a different technique?

It's a hybrid technique, like what is usually called "ray-tracing" in game settings. Basically a mix of normal rasterized methods with various ray-tracing approximations. 

Raytracing is best thought of as a collection or family of many different techniques/algorithms rather than a singular thing, and then once you add hybrid techniques like Lumen (or what is in games called "ray-tracing") it gets even more complicated.