No, Vern - moiré patterns are a form of interference and are not related to 'massive light reflections/ ... extreme contrasts between light and shade'.
They create shimmering wave patterns, often rainbow coloured, particularly when consists are viewed from external chase view, and will be observed mainly on the track and other regularly-spaced splines in the field of view.
T:ANE and TRS2019 are both prone to this disconcerting visual patterning because they depict higher resolution views of parallel lines and regularly-spaced objects (such as sleepers, road or pavement stripes, etc.) than previous Trainz versions and our more powerful modern graphics cards faithfully render the diffraction and interference patterns more readily.
TANE Trk Oak in T:ANE was especially prone to this, whereas TANE Trk Jarrah and TANE Trk Concrete were less affected.