While it can fake chromatic aberrations and has been used in the past in many engines, it is not the correct and physical way to create chromatic or achromatic aberrations.
The current color aberrations only allow for purple and green, while these are usually more red and blue. Is it possible to give control over the affected channels?
Green and purple are more visible in achromatic aberrations (front/back focus bokeh) which adds a lot of realism to scenes. This plus optical vignetting (cat's eye effect) and tangential astigmatism (swirly bokeh), and you get everything you need to recreate a lens.
Purple fringing created by digital sensors are created in areas of high contrasts and can be done in compositing, but it could be nice to have it in the image pipeline as well. Soft corners is also a simple effect but could be added to the image pipeline. Then we can start making lens presets with different visual signatures