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Simulating here means the node executes the transaction and returns the final mutated transaction along with receipts (which includes whether the transaction reverted or not). The transaction is not inserted in the node's view of the blockchain, i.e. it does not affect the chain state. Sending here means the node executes then inserts the transaction into the blockchain.
It is similar to dry_run from fuel-core tests from what I can tell, but @Voxelot would be able to give a more definitive answer.
Instead of actually sending the transaction to be included in the chain, add an option to just simulate it.
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