https://wccftech.com/f1-2021-ps5-update-disables-ray-tracing/

The first post-launch F1 2021 PS5 update has temporarily disabled Ray Tracing to help improve stability on Sony’s next-gen console.

As spotted by VGC, the patch notes for the new 1.04 update mentions that Codemasters is aware of instability for a select number of PS5 players related to Ray Tracing, and as such, the decision has been to disable the feature. The team hopes to re-enable Ray Tracing on Sony’s console as soon as possible through a new update.