I don't completely agree that fabbing a chip is "prohibitively expensive and insanely work-intensive." While it's not cheap, lots of university projects fab chips using multi project wafer services. For example, the Rocket core from Berkeley has been taped out 11 times: https://www.eecs.berkeley.edu/Pubs/TechRpts/2016/EECS-2016-1... and can boot Linux.
But, I agree with your point that a simulator is a much easier step that gets most of the data.