well first you need a "good" EDA setup. Cadence, Synopsys and Mentor have effectively a monopoly. They all agreed that one can no longer purchase perpetual licenses for their tools. A company can only "lease" a tool for a certain time frame. If you talk highly integrated SOC on 45nm or smaller you can easily spend millions of dollars in CAD lease fees per year depending on the size of the team. As an example a DRC/LVS license can easily cost several 100k$ / year depending on the technology.
I can't resist to point out that CAD vendors (of course) take advantage of this. You have a quad core processor in your server and you want to use all cores for your simulation....good luck. Default license allows only 1 or 2 cores....want to use the other cores as well to speed up the simulation...no problem just spend another 50k$ / year (don't forget to multiply this by the number designers in your team, because everyone has to have this capability...)
From a design point of view, you have to simulate more or less everything. The cost of a mask set (even a shuttle run) is so expensive, you have no choice as to simulate every parameter that is important to you. This also means you have to learn to test PDK models that the foundry provides. Some larger companies have their own modeling teams because they don't trust the foundry models. Compared to PCB design, where you can spin a board in a few days for a few hundred or thousand dollars, in the chip design area you may pay 1Mio$ for a mask set after you had a team of 10 people work for 9 months on a highly integrated chip, you wait for 2-3 month for the chip to be in the lab for evaluation.
The goal is the same for everyone: Time to market! For PCB design it may not always be worth to create a very complicated model that may take two weeks to develop when you figure it out by experimenting on the board. Chip design, no choice, period. If you don't have a model for something, you need to create one and you better figure out a way to validate what you simulate makes sense...otherwise you wait a few months again to see whether your fix is working.
Chip design tools offer very nice parasitic extraction tools where you can find every fF of parasitic capacitance that may hurt you, coupling between layout lines etc.. At higher frequencies you start to extract the parasitic inductance of a metal trace...etc the list of things to consider is very long.
For RF design, companies do EM simulation as well. A good example are on chip inductors, or how close can we move the ground metal to the inductors before the inductors performance is impacted. What happens if we have multiple inductors.. how far apart do we space them in layout? How do the vias in inductors degrade the SRF and the Q?
Packaging:
At RF you may use 3D EM simulators and create 3D models of bondwires that connect your die to the package pins. At a min. you estimate the length of a bondwire and capacitive and inductive coupling between pins...
ESD: you have to create models for your ESD structures, how large do the ESD diodes need to be to guarantee HBM ESD specs. What do you do if the parasitic capacitance of an ESD structure kills your performance of the RF input of your circuit?
Marketing:
that is often overlooked. For highly integrated ICs you better make sure you really understand what the customer or the market needs..you don't want to spend a year spending millions of dollars of R&D just to have your costumer tell you: Sorry nope to late, I moved on to the next gen. Or worse, product works, customer likes it but the price in the market fell drastically in the meantime and you can't make any money selling the chip.....
In general, nothing is black magic. Even 60GHz RF or highly integrated digital SOCs.
Having said that, I still hope that PCB designers would start using simulation tools more on a regular basis and try to design circuits like chip designers, because you can learn lots of things even if the simulation is not perfect.
For a hobbyist most tools are cost prohibitive, but you learn a LOT using free tools like LT spice or other tools.