It seems like D4 has both, there are many cosmetic items and flairs that are only achievable through somewhat impressive gameplay feats like cosmetic pvp rewards and item drops (like a cool horse variant I got as a loot drop, unable to be purchased)

I’m not knowledgeable about this but I’ve heard people mention that there are indeed more rare/difficult items to achieve through gameplay that I’d rather not spoil myself on and enjoy learning about more organically so It’s difficult to cite but it does exist.