I wonder how much the very low geometric complexity of ME:EE plays into the "RT hit"
Sry, but why don't you just read developers sessions before making the very bold "low geometric complexity" claim which has nothing to do with reality?
Here, please take a read.
In short, 20 millions of polygons is an average number of polygons. I don't know a lot of 2020-21 games which are pushing as much triangles, not even speaking of 2019 games.
They made some obvious optimizations for RT GI by reusing geometry from depth and shadows passes, which doesn't carry UVs since they don't evaluate materials in hit points, so it's faster to process. Also, they don't tessellate since they don't do shadows
As for the hit due to geometry complexity, from my tests in UE5, RT reflections work perfectly well with 100% Nanite proxies unless you go mad and put a few dozens of instances in the same spot, which would obviously increase traversal time dramatically.
You don't need that much of complexity though and even 6% proxies do the job of keepeing geometry's self reflections and self shadowing correct for models I've tried (Epic suggests 1%, but that's too low for geometry with complex shapes), and that's the most problematic place when you simplify geometry for RT (default SDF's are super low res so they are only good for GI and other super diffuse stuff where you can't distinguish the underlying super simple SDF complexity and shading).
Going from a few billions triangles with 100% proxies to 6% proxies with a few million triangles in scene saves 1 millisecond for reflections, so higher geometry complexity slows down performance, but not by much, as expected with the log(o) scaling. Primary rays without any LODs are as fast as the Nanite rendering itself, thought, it's not as efficient for memory usage.
There are still quite a few optimizations left on the table, so they can still accelerate RT by a lot by doing geometry merging, the same stuff they did for global SDF and by doing a number of other things.
Their Lumen cache stuff seems to be quite fragile because even Epic's homemade Quixel models break it with ease, not speaking of the lack of dynamic geometry support, they need something more versatile for GI in the future for sure. As for reflections with roughness < 0.4, HW RT
is the only way to go in UE5 because otherwise you would get the mess that the SDFs and the cache is.