It really is. I run it at a mixture of high/ultra @ 1440p on a G-Sync monitor and generally get 40-50fps in the busiest areas of the city, it shows 63 fps in the screenshot but that's just staring into space. I've only put the image up to show what it looks like. Ray tracing settings are lighting at ultra, reflections enabled and ray traced shadows
disabled and DLSS set to balanced. I notice the DLSS a lot in the screenshot but don't seem to as much while actually playing the game, the screenshot also blows up to much bigger than reality here when you click it. I think in the absence of a 30 series card, that's the best compromise for me as I notice the other two effects far more than shadows and the non-ray shadows still look fantastic, the game as a whole still looks amazing and the G-Sync helps it run acceptably at 40-50fps. The game looks amazing while being pretty average, but I still like roaming round Night City just exploring it.
And that on a 2080, Watch Dogs Legion is another that looks amazing with ray tracing and I can run that very acceptably too. G-Sync/Freesync are worth their weight in gold.