Not that I'm aware. The whole hardware details, which are particular to the circuit board, would have to be simulated.
The Simulator, available in the Downloads section, simulates only a generic ARM processor with a particular disk controller, and is intended to simulate the web pages haviour, not the hardware.
On a DNS-321/323/327L, it is possible to load the kernel and rootfs and "execute" it using 'kexec'. Unfortunately I wasn't able to make kexec work on the 325/320/320L.
So you have no other chance other then
-either flash it,
-or to solder three wires in the circuit board to a serial to USB adapter and using the u-boot bootloader command line to load and run the kernel and rootfs in memory and test it without flashing.
If you flash it and the build has some problems and the box will not boot, you have to solder the wires anyway and use u-boot to rescue it.
That has already been explained in another thread.
Best regards
Peter