In early access a miss, if holding a shield would lead not to a dodge but to the character holding the shield blocking the hit with it. Followed by a short,crude sound.
This was removed in full version. Shame, but it is, what it is. I guess we'll have to wait for the next game from Larian for that.
But yes, it would feel so much better to have a character with a two handed axe simply block a hit if the enemy fails miserably at trying to hit, or maybe the weapon just grazes of the armor with sparks everywhere .