My statement "Newer device like Arria 10 with the IP Parameter Editor has the option to do that" is referring to the link that you provided. The first document link provided is based on Quartus Pro and there is no megawizard exist anymore with Pro. Also, you can see the figure.9 under section 1.5 in the ug_intro_to_megafunctions-683102-773176.pdf is the so called IP Parameter Editor, again not megawizard. You will notice that those "IP Parameter Editor" GUI comes with the "Generate HDL" button, which has the capability to generate the simulation model.
Try to compare the difference in the IP Parameter Editor vs Megawizard GUI (new vs old). Hope that clarify.
If you want to simulate and test the IP functionality, just use the Nativelink simulation flow that I mentioned previously, with the standalone IP in the project. (Nativelink only work in Standard)
It will work like a charm.
Regards,
Richard Tan