Yes—this is a useful concern for outdoor timelapse, but protection needs to address both water and wind.

Start with a heavy, stable tripod, because rain often comes with strong wind. Also make sure the setup won’t end up sitting in standing water.

For the most robust protection, look at waterproof camera housings from photo/video suppliers.

If you want a lower-cost approach, one suggested method is:

• put a clear protective filter on the lens
• cover the camera and lens with medium-weight plastic
• use a step ring at the front of the lens to clamp the plastic around the lens opening
• cut away the plastic in front of the filter so the lens can still shoot through the clear filter

That creates a basic water-resistant cover for rain exposure.

However, thunderstorms add lightning risk. A cover may help with rain, but it does not make outdoor shooting in an active thunderstorm truly safe. Use caution and avoid exposed locations.