Since ray trace objects is on by default, I'm pretty sure I used it, yes.
To be sure, I've attached a new render below, where you can see the preview as well as the camera settings. Again, I made sure that ray trace objects is on in the render settings. The funny thing is that the shadow is there, but the object isn't.
The Y coordinate of > 2000 is well outside the displacement range of my terrain, so even the highest terrain points would not reach this high.