LTM BIG-IP Virtual Edition - Compute and Storage Limitations? Increase vCPUs?

• Maximum upgrade spec potential for this model/hypervisor and any limitations/caveats?

this table shows what is possible for the different througputs: https://support.f5.com/csp/article/K14810

next to that you have the memory overview in the release notes that explain which modules you can run

• How do you assign a TMM process per vCPU? – Is this done automatically when adding vCPU’s?

automatically, but max number of vCPU's limited by license.

• Do you also need to extend any type of licensing to increase TMM processes/compute & storage?

see first link, it shows the limits, it is coupled with the throughput license.