Yes, the simulation has to have a limited duration.
> Lightspeed gives structure to the computation of the universe but it doesn't reduce the load.
The load would be saved because you don't need to keep computing interactions between object, because we don't get to see these object/interaction since the simulation has a limited time. You save this pre-render of the universe and you just need to calculate whatever is closer to us (and our simulated world).
You don't need to calculate all at once and you don't need to calculate since the big bang, since we will experience a very short period in the simulation. And I suppose most of it can be just faked.
Imagine a spherical universe with the Earth at the center. You can calculate the outer portion of the sphere, then garbage-collect, then the result is added to the calculation for an inner portion, then garbage-collect, an so on until you reach the center of the sphere.
Another thing is the time-constant. Why our time has to pass with the same speed as the time outside the simulation^? What we think it takes time to calculate it's now completely relative. If time is infinite in the real universe, then they have plenty of time to build our world so effectively that our entire existence is ran in a fraction of a second.
Other aspect is why our universe has to be of the same quality of the real universe. Perhaps we have a sloppy version that is easier to calculate (but it's still complex for us to understand).
Of course, I'm just drinking my coffee and playing I am a genius this evening: I'm not going to defend the above as in a real analysis.
Edit: ^changed calculation for simulation.