I think the Ray Tracing thing may be a case of VRAM spill-over (not a technical term) into system RAM, and that having nowhere to go apart from a page file if you're only on 16GB System RAM.
With Ultra Settings plus Ray Tracing on 1080p (native) the game will use 10-12GB vRAM. Without Ray Tracing it's 9-10GB. I tend to turn textures down to high, and that also helps bring the number down.
However the game is also system RAM-hungry. It uses 16-19GB system RAM on Ultra. Add in Ray Tracing and it uses 18-23GB (the hit is worse on 8GB graphics cards with the spill-over).
You can inspect the various graphs here to get those numbers:
https://en.gamegpu.com/rpg/ролевые/hogwarts-legacy-build-version-1145908-test-gpu-cpu
In short - turn the settings up and it's hitting all the following bottlenecks:
- vRAM capacity for 8GB and even 12GB cards
- PCI-e system bus bandwidth - this will hit hardest if you have an 8GB graphics card on lower PCI-e versions with a x8 or x4 connection (instead of x16)
- System RAM capacity as the game pushes over 16GB.
I have a motherboard with PCI-e 3.0 (Asus Prime B450-Plus) and an 8GB graphics card with a x8 connection (RTX 4060 ti 8GB). The upgrade from 16GB to 32GB removed the hardest-hitting bottleneck (System RAM capacity) but the other two still remain, and the only cure for that is turning some settings down in this game. With DLSS3 plus frame-gen at 1080p and textures turned down to high, it's fine even with Ray Tracing, but start turning those settings up and the framerate tanks. I did accidentally put it on 4k on my TV the other day and that sent it into an unplayable slideshow.
Meanwhile since upgrading to 32GB RAM, I also changed from Ryzen 2700x to 5700X3D. That helped the game a little, but nowhere near the extent of the system RAM upgrade.