Yes, I believe only the monarchs got custom made heraldry.
The rest of us will have heraldry based on premade symbols and designs, and if you have access to extended colors sigils and crests you will have access to more of said premade designs.
To answer what they look like and where to see them, we still don't have access to them as they haven't really put time into developing them yet. SbS is working on game mechanics first and then extra stuff like this later in development as it becomes necessary.