Minecraft wiki entry for Development_versions, associated text: Added more settings to the Audio settings to be in parity with Java Edition:
Master Volume
Ambient/Environment
Blocks
Hostile Creatures
Friendly Creatures
Players
Jukeboxes/Note Blocks
Weather
Added "Upscaling", "Ray Tracing" and "Ray Tracing Render Distance" to the Video settings, ported from the RTX Beta. These options can only be toggled if the user has the required min-spec hardware. https://help.minecraft.net/hc/en-us/articles/360052769812
Upscaling used to boost frame rates on GeForce RTX graphics cards with NVIDIA DLSS 2.0.
Ray Tracing used to toggle the Ray Tracing on or off.
Ray Tracing Render Distance used to control the chunk render distance ray tracing are visible at once.