Ray tracing actually will directly change the way games are made. A lot of time is spent by artists placing light sources and baking light maps to realistically light scenery - with ray tracing, you get that realism “for free”.
DF did a really interesting video on the purely path traced version of Metro: Exodus and as part of that, the artists talked about how much easier and faster it was to build that version.
I don’t think Sony is making much more money than Microsoft is, though. They may have sold twice the consoles, but the generation is brutal in terms of actual profits.