Never played this game, but considering picking it up to take over the post-Soto dumpster fire. Does OOTP have real minors?
It's incredibly thorough. The opening day rosters includes the real rosters with rated players down through the rookie leagues. It's also extremely good at generating a fictional league (which is a very popular way to play it). You can get ridiculously detailed in how much control you have and it follows the correct rules for roster construction, injuries, etc. Leagues typically sim a certain number of games each irl day at a set time - like 10 games at 2pm every day or something similar - for those you play the role of GM as well as setting up roster construction, lineups, pitching rotation, and setting preferences for how likely a team is to steal, etc.
If you are playing by yourself, you can play the same as above, or you can dive in a bit more to play the manager and make pitch by pitch calls on what to do for pitch selection, pitchouts, shifts, when to start warming up the bullpen, etc.