Depends on the effect we're talking about. GI? Looking at Crytec's SVOGI, Epic's Lumen, Nvdia's VXGI etc.it's fair to say that yes, there can be a reasonable non-RT solution. AO? Things like SSAO and HBAO+ exist for quite some time. Shadows? Same deal, stuff like PCSS or HFTS from Nvidia are years old tech with quite realistic results, especially HFTS. Reflections? Now this is the part where it's really really hard to mimic what RT is doing in that regard, you can completely tank the performance and still not get even a quarter of the effect RT gives.
It all comes down to efficiency, you could make a game today heavily packed with NV tech like VXGI+HBAO+HFTS+HW and it would look absolutely stunning, but each of those techs alone requires a ton of processing power, let alone all combined, while still not being as accurate as RT.