As we know, when radio waves travel up in the atmosphere, they undergo multiple refractions away from the normal as the optical density of air keeps on reducing (in general). At the ionosphere, they reach the critical angle. Then, the phenomenon is known as total internal reflection.
Now, when the radio waves travel downwards and undergoes multiple refractions, the radio wave again and again moves towards the normal as the optical density of air increases as it goes towards the earth.
The phenomenon known as Rainbow in which, total internal reflection happens inside the droplet. Then, light is refracted as it emerges out of the droplet. This causes the formation of a rainbow. This is different from the situation of radio waves.
Final Answer: No.