Yes. The main point of optimisations of a physics system is to make it faster without compromising the accuracy. A system that "simulates everything realistically" would look very similar to one that has many optimisations and doesn't consider all the aspects of physics like heat, air movement, quantum physics, relativity, moleculer physics,fluid dynamics, relativity etc. etc. In fact you would find that a system with these extra features would run x100-x10000 slower than a standerd system with moderate features. In other words, if your going for a non-realtime simulation, the sure. go for it! otherwise, stick with the basic object-particle-constraint oriented approach.
Simulated world
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