Here's my impression of life as a WW1 fighter pilot, garnered from any number of books.
First thing in the morning, your batman wakes you and tells you you're due to fly. You look outside. If it's raining and the cloud is low enough, you hope the flight is scrubbed. If the flight takes place, it's a two-hour 'fighting patrol' with no particular strategic intent, just stop the hun from harassing our two-seaters. You go up with your flight, generally a 'squadron do' is quite rare. You fly and hope NOT to see the enemy. If you do, you hope he's below you. If he's not, then a long dance ensues, each side trying first not to get bounced, and second to bounce the enemy, or maybe get a fat two-seater before his escort comes down. You only care about the people in your flight. You may know a few of the long-serving guys in the other flights. New guys in any flight are only to be pitied. If they survive, it might be worth getting to know them.
You long for days when you can't fly, so you can forget the war for a while. You long for leave. Advances are a pain, retreats less so. Anytime there's a 'push', and you have to do ground attack, life gets a lot more dangerous. That's all you care about for the ground war.

A sim that provided TRUE immersion would reproduce this life. I suspect many of us wouldn't want to play it. It surely would not be commercial.

Note there is no strategic aspect. The planning and scheduling of flights would be as routine as a railway timetable. Bombing didn't produce really effective damage to the enemy, recce didn't often uncover enemy moves, AOP only helped attritional artillery use. The biggest airpower question of the war, to me, is whether the RFC were right to push forward into German territory when they were not able to impose superiority. It cost a lot of lives, what was the return? The German passive, defensive stance, with a push for local air superiority when required, may have been better. I don't think you will answer this question with a flight sim, rather a strategic resource game with many other aspects. Which would come in a different box.