If you’re wanting to do an exterior environment with a moving light (Day/Night) then you can do something like a directional light + an ambient/skylight, or try out the new LPV system to add some GI effects. Again, it’s not going to give as good of results as precomputed lighting, but it’s the only option you have for that type of situation because the light is moving.
As for stylized looks, that depends on what you’re going for. You might not need to try and get a GI effect for some styles.