Ran the (updated) benchmark tool on my 12900k/4090 rig at 4k w/HDR Enabled:
Common settings:
Display Mode: Borderless; Graphics Preset: Cinematic; Motion Blur: Strong; Super Resolution: 50
Super Resolution Sampling: DLSS; Frame Generation: On; DX12: On
Full Ray Tracing: Off - Av:124, Max:141; Min:109; Low 5th:113
Full Ray Tracing: Very High - Av:100, Max:119; Min:85; Low 5th:89
Both tests pegged the GPU at 98%. Ray tracing although set to "very high" appeared to be quite subtle in this test.