https://i.imgur.com/Zd0DdkX.jpg - the recent inventory screen shows that V has resistances to certain types of damage, but all we see equipped is pretty common clothing, nothing that says to the outside world that this person is wearing armor. I do think the clothes can be upgraded and padded though perhaps through crafting or that unique items have higher armor and restistance ratings, and this V is wearing an Epic version as well as Rare pants that perhaps also have armor value.

https://i.imgur.com/n7p29NN.jpg - here we can see Arasaka security troops with heavy armor. So clearly, heavy armor, is still a thing even with bodies closer to robots than human for some. Can the player opt to wear something like this and still walk the streets, I don't know. You'd expect those soldiers to be able to withstand more damage than V sitting there in a Samurai jacket, but it doesn't have to be the case if there's a "hide helmet" toggle. I personally think there'll be an easy toggle on each equipped item, allowing the player to hide or show.

V has a scanner to read enemy difficulty levels/resistance ratings, like we saw in the first walkthrough, so judging someone or something just by looking at it won't be sufficient in this game, I think.