I have no doubt you could achieve similar graphics fidelity with conventional means, but I think the performance hit would be the same if not greater if you tried to match it in detail. And how much more man-hours would you need to put into it? While DLSS5 is basically free as far as dev time.
Maybe if all developers were John Carmacks then there would be no need for DLSS5, but the talents of most now seems to be limited to using UE5 and often poorly.
I disagree that DLSS 5 is "free" in terms of dev time.
In fact, developers have the ability to apply DLSS 5 per-object, applying more or less DLSS 5 to foreground objects, background objects, NPCs, and basically well anything in the frame.
Available now for all GeForce RTX 50 Series GPUs.
www.nvidia.com
I don't think it is just a "stick it in there" approach. I know about the modding, but this is the unnoficial implementation. A developer isn't just going to stick it in there and turn it on, they are going to spend the time (again time) testing it, and adjusting the appropriate functions to match their artistic style they are going for, which will cost them time.
In this regard, it would certainly add a whole bunch of extra time for the developer to integrate, man hours, time, money, development cycles.
But, if, say, a game dev had this level of quality already integrated into their game engine from the development of the engine start point, then everything they create in game would benefit from this technology, and potentially cost less time. In a sense, if the game natively supported new lighting techniques, then the development time may in fact be reduced. (this is speculative on my part)