Yes they hid this information away in the Tyre section of the garage! Who would have looked there eh!!
Thats as long as you have Tyre Sim set to 'ON' in your game difficulty settings, otherwise you just get to choose compound and have unlimited tyres and grip.
Yes having tyre sim off will mean you have around 150% grip at all times (it feels like). Turn tyre sim 'On' to see tyre wear indicator. Tyres are to the left of your garage when looking out of your cockpit.