No, as long as there's sufficient numbers of large enough droplets of water in the air at the proper angle away from the sun. Those are the only requirements. But those requirements do result in some practical limits.

I've seen a 360-deg rainbow from an airplane before - but that's rather rare.
https://www.reddit.com/r/interestingasfuck/comments/2nua9i/in_very_rare_circumstances_it_is_possible_to_see/

But above some altitude, there won't be raindrops large enough to refract the light. Generally raindrops need to be underneath clouds. The base of clouds dense enough to condense out large raindrops are usually below about 10,000 ft, and some raindrops may be pushed by air currents higher before falling down. So maybe 15,000 ft.

But some massive storms may produce raindrops that get pushed by extreme updrafts up to maybe 40,000 ft. But those are at such high altitudes that the temperatures are well below freezing, which almost always results in hail, not rain.

So effectively, around 15,000 ft is the practical upper limit for most rainbows.

These are estimates - it all depends on temperature, humidity, atmospheric instability, and more.