Ray traced reflections have nothing to do with the lighting. They both use similair tech for the lighting, but the execution is different (color grading, hdr tone mapping, GI, SSAO vs RTAO,...) . And the RT reflections are more advanced and better in FM than in FH. But the resolution is much much higher in FH than in FM.
This is mostly because of the inconsistent shaders on some cars. The difference the paint shaders make from car to car is what makes it stick out.
i did this test at launch to show the difference the paint shaders makes
normal yellow
metalic yellow
GT7 doesn't get ray traced lighting, its only ray traced reflections like FM but probably more refined (without all the bugs like in FM on some cars). FM lighting is actually really good after all those update to the color grading and color temp. But GT7 lighting is mostly more natural looking and has better HDR support. FM RTGI lighting however was incredible and more advanced than even GT7. I tested this when it was still working before the latest update. The way it transforms the shaders and illuminates the cockpit is just soo much better looking than what we have now.