I think it's certainly true that Sony and Kindle have better built-in dictionaries than Kobo but it is possible to create custom dictionaries for the Kobo. I don't think it's a trivial process, though. There's a few threads about it in the Kobo Developer's sub-forum.
Over the last few years some members have posted their ready-made custom EN-EN dictionaries. Once created, loading them is a trivial drag-drop operation. By a simple cheat with filenames it's possible to have several different EN-EN loaded simultaneously which can then be accessed from the standard dictionary drop-down menu.
I'm a Brit and not an especially heavy user of the dictionary feature but I can't say I've noticed any particular problems looking up words on my Kobos. If I can't find it in one EN-EN it's usually in one of the others. I suppose it's going to depend on what kind of words you need to look up.
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