Had the same issue. Game crashed with dx12, and with ray tracing and low AND ultra.
I disabled dx12 (which also then disabled ray tracing), as you suggested it might be the issue. The game works normally now.
I forgot to update the issue, but i just disabled the ray tracing, keeping the dx12 only and it didnt crash again. Maybe, at least for me, is the dx12+ ray tracing, once the ray tracing requires dx12 to run… idk
But yeah, its 100% game issue, not the hardware, no other game crash like that here.
I went back to using dx12 but kept the ray tracing disabled like you (thanks for the info), and the game works fine for me too now.
Must be an issue with the ray tracing. Hopefully it gets fixed soon.