Can this also mean 'She sees the/a woman'?
You would need the post position को.
'वह औरत को देखती है।'= 'She sees the woman'.
Does deka mean to see with eyes only or can it mean to see conceptually?
Would, वह औरत देख रही है, be an equivalent statement? If not, can you please explain why? Thank you!
देखती is the present simple tense "sees" and देख रही is the present continuous tense "is seeing" so वह औरत देख रही है = That woman is seeing.
See is used when we can look anything automatically.