Volumelights and fog is very nice and fast in Arnold. Polygon count is not a problem as well, people would rather use million poly objects instead of displacement mapped lowpoly objects since it would be faster.
Volume rendering for maya fluids isn’t very fast AFAIK. refractive transparent materials like glass and water render much slower compared to other raytracers. Forget caustics if you need them. Also opacity maps, like those for tree leafs, render very slow.
If you can live with these restrictions, arnold provides a fast feedback for lookdev, but for clean rendered final frames you better have a render farm. Maybe that’s why it’s sold only as 5 license packs.
In a perfect world, Arnold would be a GPU based renderer and would render as fast as Octane. 