This isn't really news, pretty sure this has been known for some time. This also doesn't change much, as I'm very skeptical that AMD would massively eclipse say a 2080 in ray tracing capability in a console, and that means consoles are going to limit how much ray tracing they can implement. Makes me think they might update this gen much sooner just to update the ray-tracing capability.
Which, I'm fine with ray-tracing, I just don't think the hybrid version that is driving GPU prices up is stupendous. It'll get there eventually, but meh anytime soon. Honestly, I'm more interested in Sony seemingly using the path tracing for 3D positional audio. Heck I'm more hyped for the SSDs in the consoles (especially if Sony's talk about using it to jump right into games and bypass loading/intro/startup screens, and be able to install only the parts of the game you want as well as possibly reducing game file sizes).
I've even talked about how path tracing has gameplay potential, and that it'll shine with VR (I've been calling for mGPU to make a comeback if for nothing but per eye VR rendering, where doubling up would boost the ray-tracing performance quite a bit as well).
Which, I'm actually glad they're putting it in hardware and consumer's hands, but frankly I think they should have relegated ray-tracing as a feature for cloud gaming. Would be a very enticing graphical feature (that would provide benefits regardless of resolution) and there you'd have the resources to possibly do it more in depth. I actually think ray-tracing might have been one of the ways Nvidia won over Nintendo, where in the future Nintendo could stream games with ray-traced graphics (which fits Nintendo's graphical aesthetics).
Honestly, Sony should make A/V receivers with PS5 built-in where it can do path traced object based positional audio. That'd be better than the stupid MQA, and pointlessly high DSD and PCM sample rates.