Yes. The fireworks are never fully cancelled if they were set by the pyro CM's, but can be severely delayed. If there's a ton of rain or very high winds then fireworks can be postponed for hours.
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Magic Kingdom does close a lot of attractions in the rain. They include Tomorrowland Speedway, Tom Sawyer Island, Festival of Fantasy Parade, Pirates of the Caribbean (only if there is flooding in Adventureland). In addition, they will close attractions for lightning in the area (but not just rain).
The truth is, when it is rainy outside, the parks will be a lot less busy. So if you can handle it, you will often find that you can get a lot done during a storm. But, if you prefer to stay totally out of the rain, there are other things you can do on property that are still a lot of fun.
Everything is more spread out, so you'd be caught longer in the rain. Based on the usual summer forecast, we'd recommend a plan that includes visiting Animal Kingdom in the morning and EPCOT in the afternoon. Magic Kingdom and Disney's Hollywood Studios each have a fair amount of indoor attractions.
Epcot is the best because there is only one outdoor attraction in the whole park, Test Track. Other than that, every ride will remain open and running during rainy weather.
When inclement weather strikes (especially when lighting is in the area), the following rides can close at Magic Kingdom: Astro Orbiter. Barnstormer. Big Thunder Mountain Railroad.
Disneyland in the Rain Park OperationsDisneyland Resort is open rain or shine and many guests still make it to the parks during the rain because they don't want to miss out on their vacation time.
Dumbo's Indoor PlaygroundIf you've got little ones, you are probably already familiar with the indoor waiting area at Dumbo in New Fantasyland. Instead of waiting in line, Cast Members will give you a pager and let you enter the play area until it is your turn to ride.
The Disney World fireworks usually take place around 9 or 930 PM. If there are more than one showing of the fireworks, you might see a second show around 10 PM. Does Disney World do fireworks every night? Walt Disney World does do fireworks nightly!
Therefore, you would not be able to enjoy and attraction after the fireworks, however, you would be able to browse some of the shops that will remain open up to 60 minutes after the park closes or another idea would be to check out Disney's Boardwalk which is walking distance at the back entrance of EPCOT.
From start to finish, the Happily Ever After nighttime spectacular has a show length of 18 minutes and 21 seconds. That is approximately 2 minutes longer than its temporary predecessor Disney Enchantment.
Even if it's drizzling, for the most part, Disney World's outdoor rides and other open-air attractions remain open, meaning that you can still have a great (albeit damp) time. Still, be aware that, for safety reasons, some attractions may have to close during periods of heavy rain or lightning.
Slinky Dog Dash is in Toy Story Land at Disney's Hollywood Studios. Since it's an outdoor attraction, it shuts down in heavy rain and if there's severe weather or lightning in the area. Much of the queue is exposed to the elements, and even the portion of the queue that's covered isn't enclosed. And it can get HOT.
Buy A PonchoDisney sells high quality ponchos in every one of their shops in the parks for $9. Of course, you can buy a poncho for cheaper elsewhere if you know it is going to rain. If you would rather bring a raincoat along with you, that would also work in protecting against rain.