Regardless of how it is achieved, it is impressive to see all those huge buildings in open world Manhattan with raytracing reflections at 60fps and good resolution. I doubt many people were expecting this output from PS5.
having super low quality rectangles reflected is not in any way impressive from a technical standpoint.
Insomniac chose the correct solution for SpiderMan, a game where you always swing and/or climb around tall reflective buildings. but their implementation is not in any way superior to say Watch Dogs from a technical standpoint, it is just that Ubisoft decided to have the focus on close range detail instead of draw distance for their reflections.
basically SpiderMan traded detail/quality inside the reflections for draw distance and watch Dogs did the exact opposite. (also Ubisoft's engine isn't the best in general when it comes to performance even without RT on)
And the reflections in Ratchet didn't need the massive draw distance so they look marginally more detailed as a result, but Doom Eternal with similarly big levels has arguably better reflections with a higher resolution as well