That's precisely how it works with different elements in another planet's atmosphere. that's why we see sometimes pink and green in concept art because that is based in reality. The Space Engine also reflects this.
If you move closer to the speed of light, light in front of you will appear to have a shorter wavelength, and behind you longer wavelength. This would create a similar rainbow effect.
Bro, peep my some of playlists, I got ALOT of stuff you'd like, if this trips your synesthesia like mine, I'd think you could appreciate some of what I found.