is ray tracing what i think it is?

a lot of games split it into separate settings, reflections, shadows, lighting. if your fps falls off a cliff, try turning ray traced shadows off first, it's usually the one you notice least, and keep reflections. path tracing is the full version of it and that's where even good cards need upscaling.

probably. it simulates how light actually bounces, so reflections, shadows and lighting look way more real. Costs a lot of fps though, which is why most people pair it with DLSS or FSR.