The nose art- for a lot of squadrons- will be displayed for that squad. Each country has it's own set of insignia and call letters and how they are placed on the plane.
But it's still generic- compared to how some units were in WWII.
For example, on the cover of "Hitler's LuftWaffe" there's a lineup of Fws that all have letters forward of the fuselage cross, and have black triangles with a white line around them behind the fuselage cross.
That, and it doesn't modify nose, tail or wing insignia for each squadron. Some had yellow noses, some had red, some Fws (for a little while- not long) had checkerboard noses.
I'm sure that'd be quite a bit of research and programming, plus need for a lot of memory, to do that.
EDIT: I got the 1.1beta patch for Il-2, 3 new MiG-3s, I16(Tip18,24), Yak1(hatchback),109E4,109E4/B,109E7/B,Fw190A8. I-16 is sweet.
-SW