I gave up on ray tracing in this game. It runs like crap. Low-medium settings, DLSS performance and it still drops below 60 FPS. And on top of that it hitches a lot. 10 GB of VRAM is maxed out in DX12 Ultimate, not sure if that is where the hitching comes from.
With RT off I have everything else maxed out (just fog on medium, as a precaution), DLSS quality and it runs like a dream. I do notice the visual difference in some places, but I will always take consistent performance over visual fidelity.