An accidental discovery I thought I’d write down so I don’t forget.
On the iPhone simulator, option left-click simulates two-finger clicking: option-click and drag simulates two fingers sliding in or out for zooming in or zooming out.
Likewise, option+shift left-click simulates two-finger dragging: option+shift and drag simulates two fingers dragging with equal spacing across the screen.
Useful for testing zooming in and zooming out, and useful if two-finger drag means something different than one-finger drag.