On a recent grade I was faced with sizeable number of clips who had blown out sky and that needed to be made look good. If the sky is just peaking through in a few places, bringing down exposure and adding some color may be enough. But if the sky is prominent in the shot the lack of any texture will be glaring.
For one clip in I went down a more complicated path and it was worth it because it was one clip the client upon review called out as being beautiful.
This is the final clip, nicely highlighting the parrot in full color: