I am really sorry that you had high expectations. It doesn’t say that there is no simulator, but it specifies what it does: " allows users to document their prototypes, share them with others, teach electronics in a classroom, and layout and manufacture professional PCBs."
As discussed in this thread, there is a vary basic simulator in development, which has not been released yet. That is why there is no simulation option in the preferences menu of your version. However, the code is there and you can try it out if you know how to compile the program (which is not easy if you are not a developer).
In any case, I hope that the simulator is released soon. Just to be very clear, it will not simulate Arduino code or transient analysis, only DC analysis and for very limited number of parts. And it is a beta feature, so there will be things to fix.