Dear Alex,
IQ-TREE only takes the rate into account, i.e. model, frequency or alpha are disregarded. In other words, the similarity between partitions is based on the rates alone. I believe that is also the default option in PartitionFinder. At some point I also thought about supporting such a weighting. But then Rob Lanfear told me that users rarely change the default option. Moreover, there is no good sense of how to weight the parameters.
Therefore I decided not to implement such option in IQ-TREE. If you however have some compelling reason then I’m happy to reconsider it.
Cheers, Minh