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Does the current Toon firmware support graphical UI elements like dials and gauges?
If so, can these can be used to create a cockpit style screen displaying i.e. water pressure and other boiler data?

No, not at all. Here is a list of standard components you can use, but none of these is very fancy:

That's too bad, does the upcoming firmware 5.0 perhaps have new possibilities in this area?

no, more of the same. Just a newer QT version.