Definitely! Depending on performance, I may end up applying a physics check to each rain drop, which will result in the raindrop sprites being killed upon collision with an obstructing actor. If performance doesn’t allow that, I’ll use a trace-technique instead.
As for wetness, the effect is actually applied per-material using a material function, so keeping things from getting wet under cover simply requires that materials under cover not utilize the material function that applies wetness/snow.