If you mean like tech tree upgrades that gives all your infantry +3dmg or your cav +5%movespeed, this doesn't have a visual representation. If you mean different weapon types/armor types, then that's 2 different units in the game, for example normal infantry with sword+shield and infantry with halberds are just different units, you can't give halberds to existing units, you need to recruit halberdiers(and disband your swordsmen if you don't want them anymore). Those have visual differences since they're not the same unit. If you mean lord item upgrades, those also have visual differences in some cases. When you find the flaming sword of coolbadassness, your hero will have a flaming sword in combat. Those are very limited though, there's basically only a specific set of item for your legendary lord based on the warhammer lore. There's also random magic items that aren't tied to a specific hero in the warhammer lore but those aren't physically represented.
Units have a decent amount of visual variations within the same unit type too, not like huge, but they have slightly different shields or weapon, so it's not like the clone wars. They might also add army colors at some point, although it's unclear. There's currently armor colors for enemy armies and shit, but you can't seem to select yours sadly, which sucks. Maybe mods will help there.
But yeah in terms of any physcal upgrades to the units, it's just different unit types. You can't customize those. Like taking Vampire Counts as an example, you can only do 2 black knights types, either normal black knights with swords, or black knights with both barding and lances. Can't put barding on normal black knights, can't have just lances, it's a package. Only exception is the mount of your lord, which is customized separately, so you can have a normal mount, a mount with barding/improved performance, a flying mount and a monstruous mount(that's the general pattern, not every lord can have the last 2 types though).
Game's definitely not feature complete if you compare to Warhammer tabletop or even past Total Wars, but that's the cost of having so many widely different unit models I guess. It's possible that whenever they add the unit+lord DLCs to existing races, they'll also add more variations to existing units at the same time. Or they'll be moddable.