Raytracing is game-changing for 3D creative work (i.e. the people who have been doing raytracing non-stop for the past 40+ years). It's still mostly a gimmick in gaming.They are creative computers not gaming computers. If you want to game you need a windows computer. Where you can have your RTX and the os that the majority of games are written for.
This myth that RTX is a gaming feature needs to die.
The M1 Ultra is in such a strange position, where it can probably beat a 3090 in "gaming" workloads (that barely exist on macOS and that people buying a studio won't care about), but because it doesn't have raytracing cores it probably can't even beat a gaming laptop in Blender benchmarks.
The M1 Ultra is still probably a very capable machine for 3D creative work, but the fact that it doesn't have raytracing hardware is a huge minus for people who want to use it for professional 3D work.