The RENAME TABLE code isn’t truly ACID. MySQL doesn’t have anything like the write-ahead log. It is only a hack in the code. Anything further would require a major restructuring of all DDL statements in MySQL.

First off MySQL support atomic rename:
rename table a to b, b to c, c to d, d to a;

When you build a mview with flexviews, you can choose incremental maintenance or “complete” maintenance. The latter uses atomic rename to ensure the view is queryable while it refreshes, but then to atomically replace it once the rebuild is completed. The former uses table logs and DML to asynchronously maintain the view.

This is a little hack I wrote awhile ago that can do (mostly) atomic materialization of views in MySQL:

CREATE TABLE new_materialized_view SELECT * FROM regular_view;
RENAME TABLE materialized_view = old_materialized_view, new_materialized_view = materialized_view;
DROP TABLE IF EXISTS old_materialized_view;

Unfortunately, MySQL doesn’t support true ACID DDL statements, but RENAME TABLE has some code to rollback the operation if it fails, which is better than nothing.