It goes further than that now. For The Mandalorian, they famously set up a "20-foot high, 270-degree semicircular LED video wall"[0] to use as a backdrop for the shots, and that wall was rendering the desired environment using Unreal Engine. No need to chroma key an alien planet in post, when you can make it a part of the scene (and now the actors can see it too as they play!). More at [1].
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[0] - https://www.polygon.com/tv/2020/2/20/21146152/the-mandaloria...
[1] - https://www.unrealengine.com/en-US/blog/forging-new-paths-fo...