Rory H. it kind of depends on your process with your clients. For me personally, I would try to use placeholders in wireframes and actual photos in designs. So then I would only need to change the image ratio in the designs.
As for them being linked in someway within Figma, no, you would need to change them individually.
If it were me personally, I would turn that product card into a local figma component, and then swap in the text, so that any future changes to the card can be done in one spot. Little bit of copy/pasting to do for sure but makes for a cleaner more consistent design process.