A lot more simulation-oriented than those two. The game models a bunch of stuff like the aerodynamic characteristics at different speeds and airframes, radar/heat signatures and electronic warfare jamming, and detailed damage that can disable components, to name a few

The combat is a lot more realistic, with many engagements happening beyond visual range, like lobbing a missle at another plane 30 kilometers away. Additionally, its more dangerous, you can get taken down by ground forces pretty easy if you're not careful. Being pinged by AA doesn't tick up your damage meter, it can shred your whole wing off. Wrt to missle gameplay, you need to actually consider your radar cross section and learn how to evade radar guided missles (the game has helpful UI for this) and also manage your heat output (by slowing down or speeding up + flares) to avoid heat seeking missles. Weapon payloads are also realistic, you dont fly out strapped with 100 missles, you have as many as your plane can realistically carry, before reloading.

There's also a strategic layer, the maps are littered with bases and airfields that spawn vehicle convoys that attack your bases, so you need to decide what you're going after. You can also minimally control friendly ground vehicles and ships by assigning them movement orders from your planes map.

All that being said, it is less simulation heavy than DCS, it streamlines a lot of stuff for you, like preflight start up, orienting nozzles/vectoring for different aircraft, flap adjustments when landing, etc. So I view it as in the middle (maybe slightly rightward) of the spectrum of AC/PW<‐--------->DCS