This article describes our ongoing efforts to understand dynamical processes such as rotational diffusion and photoisomerization in polymorphic environments of a block copolymer. The objective is to explore how the typical properties of a block copolymer solution such as critical micelle temperature (CMT) and temperature-induced sol-gel transition influence the rotational diffusion of hydrophobic solute molecules. Rotational diffusion of solute molecules differs significantly below and above the CMT of a block copolymer solution, while there is no influence of sol-gel transition on solute rotation. This is rationalized on the basis of the site of solubilization of the solute molecules which is the palisade layer of the micelles in both phases and unaffected by gelation. A similar result has been obtained in case of photoisomerization studies carried out with a carbocyanine derivative in the sol and gel phases of the block copolymer. The isomerization studies have been extended to the reverse phases (sol and gel phases) of the block copolymer to explore the nature of the water present in the cores of the reverse micelles. Our results provide evidence for the existence of water droplets with properties resembling bulk water. In essence, we show that despite having vastly differing bulk properties, both the solution and gel phases (normal as well as reverse) offer identical microscopic environment.