I have used my 4wd high in the rain all the time with speeds in excess of 60 mph as traction is a problem in 2wd. No issues.
So remind me again as to why you would buy a vehicle with 4wd, and not use it in the rain, or snow or when traction is a concern wether on the highway or off road ?
Sure. Part time 4x4 requires at least one wheel being able to "slip" in order to not break something in the driveline. On snow-covered conditions, this slip is generally imperceptible because snow is low traction and getting a wheel to slip is not that hard. Try to make a sharp turn on dry pavement with 4x4 engaged, and the steering wheel will be tugging and you'll abruptly hear a tire chirp like you've just burned rubber...because you did...and the truck will generally just buck and resist the turn. You could get away with this for awhile, but eventually something will break.
Rain lowers traction on pavement only slightly. I've never understood why people think 4x4 helps them in rain. 4x4 should be engaged when you are constantly spinning your tires during normal driving...for example, cannot make it up a snow covered hill or you spin just taking off from a traffic light. In this case, 4x4 helps by adding at least one additionally powered tire. So unless you are spinning out trying to make it up a hill or when taking off from a stop light, you are not losing enough traction to warrant 4x4 use. That does not include goosing the throttle to try and cause the wheels to spin. If your tires cannot easily spin in the rain, using 4x4 serves only to help prematurely wear out your drivetrain and use more fuel and create more understeer. If the vehicle is hydroplaning, 4x4 does not help.
Manufacturers make their transfer cases rugged, and they can take this kind of abuse for awhile...but eventually something will break.
Snow is a similar story...what I call "changing conditions." If you drive along and sometimes the road is snow covered and sometimes it is dry, running 4x4 on the dry sections is very hard on your driveline.
Last comment: if you never turn and only go straight, you can use 4x4 on dry pavement and never harm a thing. It's only the turns which cause the difference in wheel speeds to force a wheel to need to slip .