Yes. That is one case. I just found this code too in onMissingTemplate function.
<cffunction name="onMissingTemplate">
<cfargument name="targetPage" type="string" required=true/>
<!--- Use a try block to catch errors. --->
<cftry>
<cfinclude template="site_UrlRewrite.cfm">
<cfreturn false />
<!--- If no match, return false to pass back to default handler. --->
<cfcatch>
<cfdump var="#cfcatch#">
<Cfabort>
<!--- Do some error logging here --->
<cfreturn false />
</cfcatch>
</cftry>
</cffunction>
The URLReWrite file is showing different content based on the cgi.path_info .
So based on this. I have made little change in RewriteRule.
RewriteCond %{REQUEST_FILENAME} !-f
RewriteCond %{REQUEST_FILENAME} !-d
RewriteRule "^(.*)$" "http://127.0.0.1:8888/site_UrlRewrite.cfm?$1$2" [P]
This rewrite is working as expected. But i am afraid if i am not missing any case.