The Settings -> Graphics page in the Main Menu enables the player to automatically change their FSR Quality setting by choosing a different Graphics Quality Tier such as "Simple", "Steam Deck" or "Fantastic".
These settings have subtle differences, such as Texture quality, Shadow quality, Lighting Method (per vertex or per pixel for secondary lights), Resolution of the Directional Sunlight, etc.
The FSR Toggle button right below them allows the user to override the Quality Presets for FSR set by those graphics quality tiers. So feel free to mix and match Graphics vs FSR quality going forward!
And yes, Fantastic Quality has screen space ray traced reflections enabled. It's intensive so definitely try toggling FSR to the level that you prefer depending on your graphics card.