Can Option/Variation based images be used?

I have a product that I am selling and everything about the product is identical.

Although the options for the product are the color of the webbing on the product. If I add the variations of Black, Red and Yellow, I would like to have my customer see the color of the product change to match the color variation.

Is this possible, or am I understanding the use of variations incorrectly? If so, what is the best way to achieve this?

Can more than one image be used per product? I have not seen a way to do this either. Any posts I found are a bit older and hope this ability is now there.