Does snow or rain affect a pellet or slug in flight?

Yup. 

That's shooting pretty hot using a Daisy 777 at 450fps. They spec out at 360fps.

I stand corrected.
You got me thinking about it. So I shot 5 times across the chrony just now. Adveraged 366 with Polymags. I believe I was shooting the boxed Priemers back then. That was almost 30 years ago. Don’t know where I came up with 450. Thanks for the call-out. Darrell
 
My pellet trap/target is at 20 yards on the dot. During the last rain storm I did some shooting and was thinking about the effect of the rain too. However POI did not change EXCEPT this one time I actually saw mid air splash, I actually saw the pellet hit a rain drop(no idea on where the pellet went besides it went well short of the target)! I was shocked and could not reproduce it, granted it wasn't really heavy rain but from the look of it the chance of a pellet hitting a rain drop is well less than 1%. I've shot in the rain many times and never saw any effect on the pellets by the rain outside of this ONE time! 
 
The answer is YES. However it all depends on the weight and velocity of the projectile. A 168 gr.rifle bullet at 3000 fps is little affected by rain in and of itself. Wind drift being the greatest factor. A pellet however weighing only a few grains can be affected greatly as it slams into individual rain drops on its way to the target. The factor being reduction in velocity ; holdover would be a good idea. Visibility becomes an issue as the harder it rains the worse the visibility. If you can clearly see your target then OK , but if not you should not fire anyway. As in any hunting situation , the heavier the projectile the less the affect on flight to the target. It's your call.