If you've discovered Pipelines or Terraform Cloud, you know just how powerful a sophisticated deployment triggered from a code update in a repo is for an organization. I've setup and tested a Service Catalog in Azure Devops that operates like a "code factory", but the templates in this case, are all Terraform.
Run a Pipeline to create a new offering, and an instance of that offering. Update the code base and the pipeline will run to keep the configuration up to date. Clone the offering to create a new instance for a different use, or a different template.