Simply put: yes and no. The game puts more attention to how your character looks because, for the first time in the series, you will see your character in Third-Person View in cutscenes or at your camps.
Your character appearance is tied to the gear you are wearing: headwear, upper wear, pants, boots, and bracelets. You can customize it by exchanging various clothes, but it will impact the statistics from those items.
However, you cannot change how your character looks. All you can do is choose your gender at the beginning of the game. You have no control over your character's face or body. You also cannot change the visual aspects of the clothes without changing them, so customization options are very limited; they are however present in Far Cry 6.
For more articles and guides on Far Cry 6 make sure to check out Where to find Cache Money Treasure in Far Cry 6 – Treasure Hunt Guide.