An April 14 update seems to be the culprit, but it’s still not clear why.
First noted by user pmc64 on Reddit (opens in new tab), Capcom has moved ray tracing graphics options from Resident Evils 2 and 3. The next-gen lighting features were added to these games, as well as Resident Evil 7, in a free update last summer (opens in new tab) that transitioned them to DirectX 12 and also added other graphical features like AMD’s FSR.
I loaded into RE2 myself and, sure enough, no ray tracing. AMD FSR is still there, and running the game in its older DirectX 11 configuration (which does not have these options) is an opt-in choice via a Steam beta branch.
