Is increased vascularity always a sign of lower bodyfat %, or can veins actually grow larger making them move visible regardless of body fat percentage?
Both, neither, and it depends.
First and foremost, vascularity is going to be defined by genetic predisposition. Those with less of a predisposition will only see increased vascularity at lower bodyfats. Those with more of a predisposition will see it at higher bodyfats (i.e., hazbin would probably have visible veins at 30%bf). Then, other factors come into play too. The more muscle you have, the more vein space is needed to feed the muscle, so they will increase in size. Drugs causing higher hematocrit will also increase the size. Then little things like sugar will also contribute to their appearance. Too many factors to point to any single one other than genetics.