Indeed, the scale absolutely does matter. This is why, although many renderers are capable of good displacement for example, doing so on a planetary scale and with the level of detail that TG2 does is either impossible, very difficult, or very slow for many other renderers.
For optical effects like dispersion, depending on how they're achieved, the scale can matter quite a lot. Yes, some renderers can probably achieve a "natural" rainbow effect, at least on a local if not large scale, but the larger you scale it, the noisier it will be for a given render time because it's having to calculate more and more rays over larger and larger distances, with potentially greater and greater dispersing elements. So a real-world rainbow may be possible with existing render systems that simulate light dispersion, but to reach a high quality result would take ages, even for otherwise fast renderers.
In any case, as others have said some of these phenomenon are currently possible with various methods. Official support for more weather phenomenon is something we're considering for the future, but will not be in the next update. For now I suggest learning the many workarounds that others have created to add these types of effects to their scenes. They can actually be quite effect.
- Oshyan