
First noted by user pmc64 on Reddit, Capcom has moved ray tracing graphics options from Resident Evils 2 and 3. The next-gen lighting features were added to these games, as well as Resident Evil 7, in a free update last summer that transitioned them to DirectX 12 and also added other graphical features like AMD's FSR.
I loaded into RE2 myself and, sure enough, no ray tracing. AMD FSR is still there, and running the game in its older DirectX 11 configuration (which does not have these options) is an opt-in choice via a Steam beta branch. The change seems to correspond to an update on April 14, documented here by SteamDB.