Can you run an upgrade in the sim? Yes, if you can get an appropriate image.tgz file. The regular q_image.tgz works on 8.2RC1 and later, but the v_image.tgz is a better fit if you have an edge entitlement.
Is there a lot of value in it from a training perspective? Not so much. Since the vsims are non-ha, running an NDU scenario isn't possible. All the associated steps, firmware upgrades, bios updates, SP updates, etc don't apply to a sim. A single node 7mode upgrade is 3 commands, and only slightly more interesting in Cmode.
Its still useful form a testing perspective. You could apply a specific version to replicate an issue, or to test a version specific feature or fix.
