That's a possibility. In terms or resource demand there can be a big difference from 30fps walking around and 60fps with full chaos of police cars, explosions and npcs. Sustaining 60fps throughout the latter is hard work.
You can see this in crimson desert. On consoles fps can tank from 30fps to 15-20fps during boss battles with particle effects and physical destructions.
Obviously you can dial thinfs down to potato graphics but rockstar might not want to do that for this gen consoles. Ray tracing will be enabled by default and going forward will be the standard way for handling lighting, therefore it cannot be switched off entirely.
I have the ps5 pro just for the game. At best I expect 40fps. 60fps for next gen consoles due late next year.