I've been really happy with Switch 2's performance. I just beat RE9 and have now beaten all of the 3 modern RE games on Switch 2. They looked and ran great to my eyes. I beat Indiana Jones earlier this year and looked wonderful. I've started Oblivion Remastered and it looks quite nice - though I have noticed the occasional slowdown in the open world a bit more than in other games. I've been playing Grid Legends, which looks suitibly current-gen for a racing game. I'm in the middle of Final Fantasy 7 Remake 1, which looks great. I'm so glad I waited to play Hogwarts Legacy until it got a Switch 2 version. I loved playing Galaxy in 4k and playing Tears of the Kingdom and Prime 4 with not only much higher resolutions but much-improved textures and 60fps in Zelda's case. Mario Kart World and Fast Fusion are huge leaps over the Switch 1 games. Donkey Kong and the big Pokemon spinoff not being a clear generational leap hasn't bothered me when there's been so much eye-candy elsewhere.

Long story short, the traversal stutters from the other versions remain a bugbear, though it does retain Lumen GI and Reflections.

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. 

Cheers. 

Honestly, given how demanding it is, I think Oblivion turned out rather admirably on Switch 2. I wouldn't say its a polished experience per se due to the inherent issues with the game itself, but it looks decent enough and performance while variable isn't as poor as many feared.

I may give it a go.