I’d tend to agree with Quake 1 and 2 being better than Unreal; but UT vs. Q3:Arena? Hardly a fair fight.
Edit: as for this ray tracing demo running on a 486, they didn’t have PAE until the Pentium Pro, so (even with a truly awe-inspiring budget) you probably couldn’t get enough RAM. And lack of computational speed is something you can solve with patience; but running out of address space not so much).