In a rather unusual turn of events, it seems like Capcom has pulled Ray-Tracing support from the PC versions of Resident Evil 2 and Resident Evil 3. Noticed by an array of users over the past few days, players are reporting that following the latest update to the game, they are no longer able to activate the rendering technique in the Steam editions of the games.
As for why this has occurred, Capcom has not issued any form of statement that alludes to the reasoning behind this decision as of yet, meaning we'll just have to wait and see whether this was a mistake or if Ray-Tracing needed to be pulled from both games for some reason.
Thanks, TheGamer.