No, it features a fully-fledged PT GI, as noted in the game settings. You can easily spot the large-scale GI shadows and specular occlusion with PT in many indirectly lit corners of the game.
Here are 3 comparison pairs for example:
https://imgsli.com/MjE4NDg2/4/5
I suspect the decision to keep the baked GI On was mostly about maintaining the consistency of lighting and level design with RT On, as the game is very art-driven. Simply replacing their baked lighting with PT GI would have required significant rework throughout the game. Also, it seems they didn't put much effort into tweaking the content for RT either, for example, the mirrors in the dressing rooms have very rough surfaces to aid the lack of reflections without RT. Tweaking the mirror material to be more mirror-like (by removing excessive distortions and roughness, this issue could be easily fixed even with a mod, if there were a way to extract the game's resources) would have undoubtedly made the game more visually appealing with PT in many scenes). I guess many of the RT issues in this game stem from assets, lighting, and levels being tweaked for the best appearance in rasterization.