QEMU for Xtensa
There's QEMU support for Xtensa architecture (which ESP32 uses), but ESP32-S2 support seems limited or experimental.
Repos like espressif/qemu might help but aren't fully featured for ESP32-S2 peripherals.
Renode by Antmicro
Renode offers simulation of some microcontrollers, including partial support for ESP32.
However, ESP32-S2 support might be incomplete, and peripheral simulation could be limited.
Wokwi Simulator
Wokwi (https://wokwi.com/) is a web-based simulator that supports ESP32 projects.
It's great for Arduino/PlatformIO sketches and simple ESP-IDF code but may not handle low-level testing of your own compiled binaries.