I'll file this under "Yet another example of why RT is not so necessary, because rasterisation and image based shaders still have many underexplored tricks, and most people can't tell the difference, in fact they have been neglecting the look of reflections and GI all these years and only now are they taking note of it" a very fat folder I opened since nvidia unveiled RTX which recieves new documents weekly.
The great reflections there were present in the vanilla GTA V, in PS360.
The reflextions on the ground are good old plannar reflections: a secondary rasterized render of the scene done from the persoective of the reflected virtual camera composited to the main render. It works surprisingly well given the hack it is. It only works for plannar surfaces, so in GTA the game seems to dynamically pick whatever horizontal plane covers more ground surfaces at each moment (god knows how it determins that) and all other ground surfaces at different heights either get the same (then incorrect) reflection and hope nobody notices, or they revert to cthe dynamic cubemap one, more on that now.
The car reflections are from a cubemap generated dynamically in real-time by (it seems) unwrapping a dual paraboloid render of the world from the camera center. They are used as-is (no parallax correction) for all cars (near or distant from the camera) and pretty much all other reflective surfaces in the game to which the ground reflections are not assigned. That means, if the camera goes under a bridge, sundenly all reflective objects pointing upwards reflect a bridge on top of them. Yet, it works most of the time, and often looks more high-end than other game's higher res, but static cubmaps. Even if the parallax is completely incorrect, the fact the world's reflection shifts perspective as the camera moves (even if im geometrically incorrect ways) already make them look more "correct" and even ray-tracey.
Both those reflection renders are much lower detail than the main camera one, skipping most objects, reverting to incredibly simplified geometry and textures (probably recycling the same loest LoDs for distance rendering) and the most basic of lighting models it can, and again, despite all this, it looks passable most of the time.