A recent update removed the ray tracing functionality from these remakes.
Close up of a woman in a red jacket looking moderately surprised at something off screen.

Capcom says that ray tracing features will return to the PC versions of the remakes for both Resident Evil 2 and Resident Evil 3. Ray tracing will make a return in a future update after it was accidentally removed in updates released last week for both titles.

Users started to notice that the ray tracing options were removed shortly after the update was pushed to both titles. They also noticed that an option to enable 3D audio was also removed following that update. Capcom acknowledged both of these new issues via a tweet that went out earlier today.

To all Resident Evil 2 / Resident Evil 3 users on Steam ⚠️

We're aware of an ongoing issue with the raytracing option not appearing in the graphics menu and presets. We'll have this addressed in a future update and apologize for any inconvenience!
It was not made clear by Capcom how something like this happened.​