How much does the Renderer matter for making 2D games with light effects? (v4.1.1)

For example if you want pretty effects like areas being lit by projectiles will Compatibility provide lower of options than Forward+ ?

Can you use materials (normals, reflect, etc) on textures in Compatibility to have light show up as it's passing by?

I'm still getting a grasp on things, nothing serious yet, but I'd like to know what to expect and your experience. More of a food for thought type of question.