Ray Traced rendering is a feature that is not undergoing any further development. Adobe is moving in another, hopefully more productive direction. If you have an NVIDIA card that is compatible with the System Requirements you can get GPU accelerated rendering. If you do not have a compatible card then your Ray-traced compositions will be rendered by the CPU and this is very slow.
Check for a compatible card and then download the appropriate Cuda drivers. If you do not have a compatible card, do not install Cuda, and don't worry much about it.
RIck is correct.
However, to answer your question about what this feature set is: The ray-traced 3D renderer is a set of features for some simple 3D moriin graphics. See this video for an introduction: