Reflections in TLOU2 look stunning. You dont need ray tracing to do good reflections when artists can bake them in. They arent very accurate, but In open world games like Spiderman where the artist cant go in and individually adjust thousands of puddles, ray tracing becomes almost neccessary. That was what puddle gate was about. Insomniac devs created reflections just for the demo but in the final game you simply cant have artists bake in reflections for an entire world full of thousands of puddles.
TLOU2 has only a few areas with ponds and reflective surfaces so ND artists used high screenspace reflections to create some incredible reflections.