I actually tried that with community made ray traced textures in Minecraft and enjoyed playing a cinematic slideshow of 1 FPS just to take pretty screenshots.
Yeah, raytracing without hardware support seems tough.
If I'd be on a i5 2500k, which is still a popular CPU, I'd simply try it, or wait until others did. Aside of the lack of FMA3 instructions support, I currently can't find any reasons why it shouldn't run.
(Actually, upgrading my Mobo with a 2500 or 3570 was one of the options I had considered 3 months back, but then I went with an all new Ryzen combo.)
Minimum requirements which don't belong to the same tier of performance meanwhile aren't uncommon. It's like game makers go like "OK both CPUs have four cores, so let's list them". Going with the 4690 is also pretty arbitrary from the get-go, considering how superior the 4xxx Haswell series is to FX CPUs. Why not say the i5 4460? i5 4430? Also superior CPUs to the FX 4350. https://cpu.userbenchmark.com/Compare/Intel-Core-i5-4430-vs-AMD-FX-4350/m1920vs2880
This is all pretty damn confusing for customers. (And that's not talking yet about that nobody much ever posts target performances for their listed systems, e.g. 30 fps 720p, 60 fps 1080p , etc.)