As I understand it there is one mode where it upscales so goes from say 1440p to 4k. As the tensor cores are independent then the base line performance will basically be 1440p with no AA. Another mode (DLSS 2) goes from 4k no AA to 4k with very good AA, so the base line performance there is going to be 4k with no AA.
That's what I thought at first too but then Nvidia had a blog post where they specifically say they are rendering at a lower than target resolution to begin (for DLSS). For instance, if you want to game at 4K, they are rendering the game at sub 4K resolution (how much lower is unknown though to get their 2x performance figure, you'd think it's at or close to 1/2 resolution, so 1440p in this case), then taking a 64x super sampled render (64x of 4K I'm assuming) and then letting the AI cores infer what the 1440p render would look like at 4K without aliasing.
So basically you get a 1440p render upscaled to 4K and then sharpened with AI. How well this works is yet to be seen as Nvidia has been really coy with giving direct comparisons. For instance, when they were comparing image quality of TAA to DLSS, it was actually DLSS2x that they were comparing image quality to but then the performance comparison was to DLSS. DLSS2x uses an actual 64x resolution render as the sample space and then the details from there are unclear. My guess is that DLSS2x gives worse than TAA performance but at high image quality.
All the ray tracing is bad/unrealistic talk this reminds me so strongly of when we first got HDR lighting, but Ati couldn't do it to the same quality Nvidia could (DX9b vs 9c). Everyone with red leanings was convinced the effect was terrible and they hated it! Then Ati caught up and now we all think it's great.
To be fair, implementation matters. The first HDR examples weren't all great and some looked downright silly. Given some time, developers learned to use HDR effectively while GPUs improved in performance and could handle rendering HDR light while providing good fps and now HDR lighting is ubiquitous in modern gaming and it looks great. I expect the same will happen with ray tracing.