AMD's been very tight-lipped about ray-tracing capabilities on its Big Navi cards. However, AMD announced it'll be releasing the Hangar 21 demo video on November 19th, showcasing a whole range of DX 12 Ultimate effects. While benchmarks have indicated relatively modest ray-tracing capabilities on Big Navi, the demo will be a good indicator of what we could expect from upcoming console releases.
https://www.notebookcheck.net/AMD-s-Hangar-21-demo-video-shows-off-Big-Navi-RX-6800-XT-ray-tracing-chops-drops-on-November-19th.504719.0.html