Yes, the scheduling of a run is independent of if it dispenses water (turns on/off valve).
As described above, a 'morning run' before the rain hits for the day is going to run. When rain hits, the next valve open attempt will be blocked... and on and on through the rest of the day.
If the rain sensor is an accurate reflection of soil moisture, then having it reset at midnight wouldn't be needed. You're using advanced logic to set the virtual rain sensor and thus it's probable those rules will set the sensor back to dry when the soil is likely to need water.
The Precipitation and Weather Monitor for NWS Data from Gary is similarly smart by setting wet to indicate enough rain in the past 24 hours. Again, not needing the midnight reset.
Midnight reset is intended for those not-as-advanced rain sensors. I'll explore making it optional.