When player is set on fire, fire effect overlay appears on screen in first person mode, which tells player you are on fire, However, with ray tracing turned on, this effect is not displayed, which can negatively impact gameplay. 

Steps to re-produce:
1. Enter a world with Ray tracing enabled
2. Set yourself on fire
3. make sure you are in first person mode

Observed results:
Player is on fire but the fire overlay is not displayed while ray tracing is turned on.

Expected results: Fire overlay Must appear when player is on fire regardless of ray tracing being turned on or off.

A few other notes:
I still haven't tried it on 1.17.40.21 Beta but I will update affected versions once I get to, But I can say it Did affect 1.17.40.20 Beta, edit: affects 1.17.40.21 Beta.

Just to be clear, this is not caused by resource pack as:
I tried removing all of my own resources/texture sets only leaving:
"capabilities" : [
    "raytraced"
] 
in manifest.json file so that ray tracing is enabled but only Vanilla resources are used by game, and issue still occurred.
Fire overlay does Not appear regardless of conditions.