Physics update on certain objects.

Is it possible to make certain objects have special physics updates? For example, a player’s car would update every 0.01 seconds, while the traffic cars would update at 0.05 seconds to avoid lag.

yes, in each update function take a “float timer” and add Time.delta time to it.
like this you can achieve your goal.
void FixedUpdate(){
timer += Time.deltatime;

if(timer >= 0.01)
{
// do your stuff
timer = 0
}
}

Depends what you mean by “Physics Updates”. If you mean Unity’s internal rigidbody movement, collision detection etc., then no, I don’t believe so - you set a global Physics timestep that determines all physics updates.

If you simply mean the rate at which FixedUpdate() fires for each object, you could use InvokeRepeating or a coroutine to call a repeating function less frequently.