The other poster is correct to say that simulating physics isn't actually needed, because Bostrom's argument depends only on
ancestor simulations, not
ancestor universe simulations. So simulating people doesn't require a) simulating physics, b) simulating the minutiae of brains.
Since these are post-humans, they understand the subtle interconnected algorithms implemented by human brains, and so can in principle bypass the need for low-level simulation. But even if that were not so:
> In order to simulate a human brain, you need to simulate physics. Not a mathematical model of physics, but the actual true process that governs nature.
You seem to be drawing some implicit distinction you find meaningful between "real" and "simulated", but this distinction isn't explained, and doesn't seem meaningful in any case.
> In order to do that, you need to (1) understand the true laws of physics and
The laws of physics needed for such simulations are sufficiently understood by post-humans, ie. for all physical observations simulated ancestors might make, posthumans understand physics far beyond that. So even without a perfect understanding of physics, they merely need to replicate the physics understood by their simulated ancestors.
> (2) the process needs to be simulatable in polynomial time (at the very least).
I don't see why. We already run non-polynomial simulations all the time (such as to solve fluid dynamics for aerodynamics, or climate models). As long as the results are expected to be useful, we will run them. This is actually a core premise driving Bostrom's argument: that ancestor simulations will be useful to future social sciences and such.
But all of this is neither here nor there, because Bostrom's argument is exhaustive. If there are legit reasons why post-humans cannot run such simulations, and there very well might be, he already covers this possibility as "we will go extinct before reaching the posthuman stage".
Like I said, Bostrom's argument is solid and there is no wiggle room. You get to choose one of the possibilities, for properly articulated reasons, and no more.