Digging a bit deeper into UE5 and I’ve gone down the rabbit hole of comparing Lumen versus Path Tracing, Versus Hardware Ray Tracing and other such nonsense. It’s a complicated issue and the trade-offs of real-time versus offline come into play here.
During my research, I found this interesting Vid from an ArchViz artist working on comparing V-Ray to UE5 which actually gets closer than I thought it could.