You can have missing objects with real ray tracing. Like the player object itself generally doesn’t need to be rendered so it might not even be added to the scene. Unless the player is looking down. If their arms are holding a gun or reloading, it might just be disembodied arms if you could move the camera to see it from another angle.
Or, different game, but in GT7, the ray tracing doesn’t include vehicles’ self reflections. Which is probably an optimization because every reflection ray trivially intersects with the object it is reflecting from, so it makes sense to skip the reflecting object, but then you miss cases where it should be reflecting another part of itself.