On second reading though it seems like all you're proposing is a mental model for 'analog' computation; that it's like outsourcing the computation to a lower level of hardware. Then yes I agree with that.
As for the validity of simulation hypothesis itself, I'd say it's essentially religion in disguise*. It's unfalsifiable by definition too, and personally I apply Occam's razor on the idea, but obviously I can't disprove it. The question can't be "is it true", but it's fine to ask "is it a useful (or at least thought-provoking) metaphor?" (in a given context).
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* Most religions, in my view, can be broken down to the sum of: a) simulation hypothesis of sorts (universe run by Creator), b) code of ethics with mnemonic narratives, c) ceremonies, that covers most of it analytically speaking.
Universe being mathematically consistent and being simulated are completely orthogonal concepts.