The UE5 demo doesn't use GPU raytracing hardware and doesn't raytraced triangles. They use a combination of voxels, signed distance fields.

Raytracing accurately describes GPU hardware, it's not a fixed function path tracer, although you can use it to implement a path tracer (Quake 2 RTX for example). Developers talk about using it for non-graphics use cases like physics, AI and audio even.