retow - that's a great question.
It's a bit in-between I would say (putting aside specialized features like custom attributes for a moment, because that's a whole different problem). Like Terraform, you will need to wait for resources to show up as Bicep types. For existing resource types, the resource API owners need to do a little work to extend their existing APIs to support declarative IaC requirements. Once that's done, the Graph Bicep team can semi-automatically pick this up and generate the new type support. We're also pushing for any new "control-plane" resources added to Microsoft Graph are created to support declarative IaC from the get-go. We've documented a little information about this here.
If there are resources that you want to see that are not supported by Graph Bicep, please file a New Graph Bicep type request or upvote an existing request issue.