There are many questions about dynasty weapons: for example, they don't always indicate that the weapon has reached a certain level!
By the way, a question: if you attack neutrals and they run away, and you press "release," is experience awarded as for a full battle, or only 50%? You can give weapons to any heroes!!! Both purchased and main ones!
Regarding the first point, yes, it's not always displayed separately, and it's never displayed if, for example, the weapon leveled up in the final battle. Second: experience is reduced, just like in Heroes of Might and Magic V. I don't know exactly how much :(