Is there an option to have a sound ding when someone raises there hand?

Sorry, there's currently no option for an audio alert for a Raised Hand.  But there are other visual cues... some of which are commonly known, others which might be new to some people:

• The Raised Hand icon shows in the upper left corner of the participant's video/camera window, if the gallery view is active and either the participant's camera is on OR the viewer has the "Show non-video participants" turned on.
• The Raised Hand icon shows next to the participant in the Participant Window AND the participant's line in the participant window moves up above other participants without raised hands.
• In Gallery Mode the participant's video window moves to the upper left corner of the gallery; this assumes that the viewer hasn't "pinned" anyone and doesn't have a saved gallery view order in place; and for someone without their camera on, the viewer has the "Show non-video participants" turned on.

There might be more... and I know this doesn't help you with the audio alert, but you can use this Zoom web page to make a feature request directly to Zoom Staff:
https://www.zoom.us/feed 
Us volunteers in the Zoom Community don’t have a way to handle feature requests, so feel free to suggest an audio alert there.

I do hear a chime when someone raises their hand.

In trying to help someone else benefit from this, I searched the internet but found no reference to such a feature or setting.

I finally found the toggle & thought it worth sharing.

This is where I found it on my Desktop:

In Zoom's Desktop App (Windows 10):

• Under "General", scroll all the way down to "Reactions"
• Set "Play audio chime when someone has raised their hand" to on

Hope it helps