I'm not sure how something harder than a bullet would "mimic the bullet used in a loaded case" better than the bullet used in a loaded case.
That said, there's jam, and there's jam. The amount of neck tension you run has an affect on how deep the bullet goes into the rifling when soft-seating. For instance, running a neck 2 thousandths smaller than bullet diameter will soft seat deeper than running 5 thou smaller than bullet diameter.
The Hornady gauge requires a certain amount of feel to get consistent results (you need to apply the same amount of force to the back of the bullet each time, which isn't always the easiest thing to do), and, IMO, it still just gives an approximation. That's why I largely use mine to get just a rough measurement, then fine tune using the Wheeler method (looking for rifling marks on the bullet ogive.