But you said they invested in RT, unlike AMD. It looks like they invested more in upscaling than in RT, it is the same budget console chip with better upscaling.
And remember, both of the cards are doing something like 1 sample/pixel RT. So if we talk about investing in ray tracing or ray traced games, check to see how the image looks before denoising. Denoising is another thing similar to upscaling and most likely the place where AMD is losing most of the performance in RT because they don't have the hardware and Nvidia denoisers are made specially for their tensor cores.
This also explains the poor performance on Quake II, Minecraft or 3d mark ray tracing benchmark. You use Nvidia's denoiser, you cripple everything else.