Intel Meteor Lake processors will indeed be very unusual and interesting. Judging by the data that has appeared, the graphics core in these CPUs will support hardware-accelerated ray tracing.
This is logical, since the current Xe architecture underlying Arc cards already has the appropriate blocks, but for iGPUs, Intel could remove them. However, the same AMD did not do this in its Ryzen 6000.
Of course, it is hardly worth expecting decent performance from the integrated graphics core with ray tracing now. But the GPUs themselves should be powerful enough, as they are credited with 192 EU blocks versus 96 blocks in the current generation of CPUs.