I wish youtube had transcripts (maybe it does for some videos?)
This was the opening statement from the video, basically the thesis. I hadn't gotten around to watching the whole thing, but I do have a number of problems with this off the bat. First is that he's saying noise is a trade-off for ray-tracing, so that's plainly suggesting that he thinks ray-tracing is more noisy than non ray-tracing. But that's selective or subjective about what kind of noise you're talking about. Blurring from TAA is noise, for example. All under-sampled rendering is noisy. Everything is under-sampled. If he wants to say he thinks this type of noise is worse, that's fine, but turning off ray-tracing just trades off one type of noise for others.
He's seems to be talking about DXR exclusively, but screen-space ray-tracing can exhibit all of the same problems. GI, reflections are sort of the main culprits as many people have already pointed out. There's also stuff with volumetrics and ray-marching that can have noise that are also done in screen-space. Essentially ray-tracing and low sample counts can have the same noise whether it's DXR or screen-space.
I also don't agree that the problem is glossed over. It's been one of the main discussion points since DXR was released and the first batch of games came out. Even Nvidia hasn't totally glossed over it. They've spent a lot of time talking about de-noising and ray-reconstruction. Here's a presentation on sampling and noise-patterns that's really exploring where things are going in terms of being able to generate good quality images from low-sample counts and being able to de-noise them well. I think gamers are fully aware, and the industry is investing in solving the problem. Ultimately it's a subjective issue whether someone turns it on or off.
Overall I'm sort of 50/50 on this. I think he generally means he doesn't like the type of noise that DXR games typically exhibit and making a video about that and providing examples is fine. I do think it's a little disingenous to not acknowledge that you can find the same type of noise in games that have screen-space effects. I don't think there's any obligation to go over every type of noise (TAA blur) in the context of this video, but it would have been good to highlight more pros and cons like where DXR can remove other types of noise like light-leaking.