No, SW:O doesn't need RT hardware (usual misconception), it uses software RT, yes, PS4 Pro would be able to run SW:O (it's GCN4 arch, and RX570/580 are running SW:O) in theory if Ubi put effort into it (but it would require even more concessions than SW2 port), no it doesn't make any sense from business perspective.
Whenever SW2 can use full DLSS model, image quality looks pretty good, especially in games where devs are using only spatial upscaling on other consoles. It is very solid hardware, though it might've been better if Nintendo was not going for higher profit margins.