Cold War 120 hz and ray tracing option straight up not there

As long as you're not facing the issue with the other games, this must be a game related problem that I would recommend getting in touch with Activision about it to get potential workarounds: support.activision.com

Did you buy the regular or cross gen version?.

X gen is 89 and regular us 79

If regular then you wont have ray tracing you need x gen

Are you sure your tv supports 4k and 120hz or 1080 p and 120 hz with 60 hz and 4k

The XboxOne version doesn't get the HD assets or the ray tracing. To get it you'll need the next gen game, ray tracing will only be available to you if you have a TV that supports the 120 fps. But the HD assets should be added back now that Activision had fix the issue it was causing, but dont worry about it, because there is no difference. You'd just be wasting 50GB of space. If you want the Next Gen of cold war all you have to do is go on the Microsoft store and buy the next gen upgrade for 10$.. unfortunately it isn't free.

And what are you trying to do 4k 120 Hz you won't get much difference

Most games are designed for 60hz and 4k

Ray tracing affects lighting and particle effects

If you play forza 7 you can see the difference in reflections and particles like a dust storm

I tentatively believe the Series S has RT enabled.

There are no ray traced shadows on the Series S version of Cold War either on multiplayer or single player.