There are lots of types. The bigger ones tend to be the "click" type described above. Smaller ones may just have a rotary scale which you watch while tightening, until the line is at the desired torque. There are also long "beam" types and small one pre-set for one torque, e.g. 5Nm.
Torque is a really poor analogue for clamping force or bolt tension. A used, cleaned, lubricated thread will give a far higher clamping force for a given torque than a new or dirty, dry, thread. Bike manufacturers rarely specify thread conditions, so I assume clean and lubricated. Automotive applications usually specify dry threads.