Regarding the use of words from Mark Cerny in the Wired interview "The GPU, a custom variant of Radeon’s Navi family, will support ray tracing"
He didn't use words like integrated or hardware ray tracing. That has been discussed here. He later said “we are cloud-gaming pioneers, and our vision should become clear as we head toward launch” then there is this slide and text from AMD under cloud: Could it be that Sony have chosen ray tracing support only via cloud? He also talked about using ray tracing for sound localisation in games, so I don't know, just speculating.
During the interview (post release) the editor mentioned Cerny didn't want to get into detail about PS5 RT capabilities (other than it was capable), that they will cover that at a later date. And Matt (current or ex-dev) over at Era, confirmed it was hardware related. Until Sony clarifies or confirms if it's AMD-Navi based or some custom solution of their own, I wouldn't waste time trying to parse vague language from either Sony or Microsoft.