(And it's def a style choice, looks cool when done right! :))
Pedantic answer: Unless the light source has different colors on different sides
Complex answer: Kind of. Even a linear color fade (from reality) can turn non-linear (and therefore induce color effects) when pushed through a color grading pipeline. So if you count e.g. film emulation as a "physical effect", then yes.
I've seen some footage from a particular Red camera body that introduced some very interesting effects. This particular camera had an issue with the Green channel. The camera was used in a commercial shoot for some fast food chain's shakes. The whip cream would turn magenta when the exposure was pushed because the green channel just wouldn't get there as fast as the red and blue channels. The secondaries had to go dig out extra green channel data plus other tricks to get the whip cream to end up white. After pushing other footage, the magenta tint could be seen else where as well.
TL;DR it's not just film emulsion issues where weird edge case things like this happen.
Apparently a combination of Mie and Rayleigh scattering.
FYI the arrows on both photos only actually control the top photo.
The way I’m intuiting it: some things will “glow” when strongly illuminated, and the glow is more colored than the reflected light, so if the illumination has a hard edge then the penumbra can end up saturated by the more strongly illuminated part’s glow.
OP’s rendition isn’t quite landing for me, though, and I’m not enough of an artist to be sure why. Maybe it’s just that saturation is cranked way up for the demo, but it might also be that it shouldn’t occur on rock, or that color seems sometimes to not react to a change in which material is glowing.
That’s how I got my start, at least. Minecraft mods, specifically - figuring out how to tweak those little behind the scenes values.