In the screenshots you see there is no graphical tyre deformation. Mainly for 2 reasons.
1) There isn't enough real tyre deformation on the tyres to be visible in a computer monitor, except in slowmotion close ups. To make it visible from normal camera views we would have to exaggerate the effect and we don't like to exaggerate things just for the graphical effect. So the priority is lower.
2) We prefer to use our development time to better simulate the tyre flex on the physics engine. So on AC you get both the vertical flexing from load (depending on the tyre pressure and tyre carcass), and the tyre flex from lateral movement again depending on the tyre structure. Modders can change this kind of flex from the physics. In this way you can simulate a low profile street tyre with enough flex, or a high profile F1 tyre with very low flex. It's up to you and your data.
Obviously in both situations the flex is simulated graphically by the tyre going "in" the asphalt and because of the big number of polygons in the 3D model of the tyres the actual effect is pretty believable.
That is how the situation is right now. We might have time to change it later, or simply in an update after v1.0