No. Reversible computation dissipates no energy. Yes, that’s just ‘in principle’ true, and any concrete implementation will always be imperfect, needing error correction and the like, but the energy consumption can via optimization be minimized without lower bound.
Relative to the parent universe, we might! And even in our universe, it’s not impossible to compute a sophisticated universe simulation in finite (observer) time. In fact, I’ll do you one better and simulate every simulatable universe in finite time, using only some modest physical speculation.
So, first, it’s trivial to write a short program that computes every possible program via an interleaving algorithm. Of course, this will not terminate in finite time. But that can be worked around: just have it orbit a Kerr black hole, then jump into it; if you time things right, you’ll encounter the computer after it’s completed infinitely many steps of computation. Bonus, you’ll also get to find out what happens at the singularity of a black hole! Sure, this proposal still has a few engineering kinks, such as the finite lifetime of a computer, and of a black hole. The latter might be gotten around by enclosing the black hole in an Anti-de-Sitter spacetime, where it won’t radiate; as for the former, perhaps you can encode the computation into an aperiodic time crystal, which could realize universal computation via Wang tiling. But yeah, bit of R&D might be needed.
Of course, this extreme won’t be approached in practice. Still, there’s no theoretical bound in principle to the amount of computation that can be implemented by such methods, or more conservative ones; hence, the argument that the universe can’t be a simulation because there aren’t the necessary resources is dubious at best.