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A. Neumaier said:No.
As a fully relativistic but only approximate QFT, renormalized perturbative QED is perfectly valid and highly accurate (to 12 digits of accuracy). The approximate 2-point functions can be made fully local using Kallen-Lehmann based resummation (which also eliminates the Landau pole). No more is needed for the use in quantum optics.
The main open problem about QED (and other interacting 4D relativistic QFTs) is whether all uncharged n-point functions can be constructed in a way that the Wightman axioms hold. This would give locality for arbitrary n-point functions.
Approximate to what? Could they be approximate to 2-point functions of a non-relativistic theory?