The RT-performance is sufficient.
Nvidia posted some benchmarks with medium settings and it performed very well with Raytracing+DLSS in demanding titles.
This is not a card for high/ultra settings with Raytracing at all, and it never wanted to be. The target is medium/ medium RT for now and the future, which is why it has only 4GB VRAM. Xbox Series S has 7.5 GB in total useable for games which is used by the CPU as well due to split memory configuration, so effective VRAM should be around 4 GB as well.
"BuT iS RaYTrAcIng WoRtH iT WhEn YoU haVe to SacrFicie SeTTinGs sO MUcH"
Depends on the title, but generally yes absolutely. A control will look waaay better on medium general settings+RT medium than on Ultra and without RT. The differences in general settings are minor, while the RT reflections provide a big boost to realism. Many of the good RT titles fall into the same category.
That is my take on the 3050 series.