Raytracing visually enhances Metro Exodus graphics and should be enabled on a GeForce RTX graphics card if possible. Whether RT is high or ultra makes hardly any difference visually. If you have to switch back to high, you will not lose any effect that would attract attention. Whether the necessary denoising for RT on the shader ALUs or tensor cores is performed is not known. No disturbing noise has been noticed at any time during testing.
But Raytracing in Metro Exodus is not perfect. So there are scenes that are simply too dark, so that you almost do not see anything at all. Predestined for this are scenes that hardly provide light anyway. The problem is not raytracing itself. Because the Global Illumation with RT works flawlessly and shows a picture of how it would be in real life.
The only problem is that 4A Games needs to adjust the content to raytracing. When a light source is obscured by an object, it barely produces any light, if any. What works well with a rasterizer lighting, is realistic with raytracing, the scene works with the same lighting but then suddenly no more. At least in the case of global lighting, a game must therefore be adjusted accordingly to raytracing, which has not been done adequately in Metro Exodus. Such scenes are rare, but there are always times.