I dont get your post.
Yeah people have used mixed realtime and baked lighting for a reason - and that reason is that realtime raytracing hasn't been an option.
How do you think that "baked lighting" is created? Imagine how sweet it would be if we could, you know, bake in realtime.
also, what do you mean by "limited applications for realtime light"? You mean, except any game that has light? Baked lighting has zero advanages except performance (obviously). Performance is of course a huge advantage but we are getting there, closer and closer, to the point where it is no longer needed.
Okay, tldr of baking in case it's not clear: You place lights down as if they were realtime lights, then you start the process which essentially 'snapshots' what the light hitting objects & materials looks like as textures for said objects. This is very efficient for static objects (that's all it's really for, realtime stuff gets Lightprobing which is pure evil!), as they get the 'depth' of a lit object but don't *need* to be lit.
However you probably haven't seen a game with exclusively baked lighting in ages - whether the player casting shadows, enemies casting shadows, day/night smooth cycles, all of them use some component of realtime lighting - the most common being a Directional light. This'd be the next most efficient as it provides realtime lighting where you need it, realtime shadows for what should cast it, and isn't very performance intensive. Games like Pre-World Monster Hunter used to run with no actual realtime lighting, but now run with mixed, with the directional lighting providing player & monster shadows, and the general ambient lighting of the area. The baked lighting otherwise handles dark areas, grading, and so on.
For most games, no matter where the player is, only a few light sources are active at any time, always capped for performance reasons: Things like Streetlights at night in games with dynamic cycles (or just to cast a shadow when the player enters), ambient flares, etc. Lots of usage. But you don't have super intense numbers galore because realtime lights are always very intensive. Realtime shadows too, are far more intensive. Games nowadays are great at balancing actual light count with what the player can see, so it's been perfectly fine for most games. After all, a street light 4 blocks away really doesn't need to cast shadows, so it doesn't. But if you don't use any form of baked lighting, areas in shadow may lack depth or even good color grading. A LoD may look super flat or just at odds with the upcoming LoDs when you've got proper lighting on it. I thiiink (don't quote me on this) the most recent Metro game suffered from something like this? I swear I saw a video about it with one of the complaints being that, but I honestly don't recall perfectly. Even if it's not an issue in Metro, it's one of the bigger issues with realtime-only games, as uniform lack of light doesn't look particularly great (Really it doesn't look great in real life either - turn off the lights in your room so it's dim and you'll see how 'mushy' the lighting can get, somehow we gloss over this in real life).
Anyway, what I'm overall trying to say is that baked lighting still has tons of use and realtime lights are great, they do their job superbly, but they haven't fully replaced Baked Lighting and Raytracing won't replace either in all likelihood. Some combination of the three are likely the future, rather than one superseding the others. Baking still has issues, it's far less quality than realtime, it takes sufficient file size, it's a tremendous pain to work with (Don't get me started on lightprobes). Realtime lights still has performance issues despite being higher quality, not taking much space at all, and being really easy to work with, and so assumedly does Raytracing (though I have no experience with employing Raytracing).