Analog quantum simulators offer a powerful microscopic probe of quantum many-body systems, yet have largely been benchmarked against model Hamiltonians rather than real materials. Here, we use a 256-qubit Rydberg simulator to implement the effective Hamiltonian of the frustrated triangular-lattice magnet TmMgGaO. Simulated magnetization curves agree quantitatively with susceptibility measurements on single crystals, and both platforms consistently determine the antiferromagnetic phase transition. Snapshot-resolved analysis confirms that quantum fluctuations, rather than disorder, govern the intermediate paramagnetic regime. Having established this correspondence, we access non-equilibrium dynamics following a sudden quench, a regime at picosecond material timescales where entanglement growth places the problem beyond classical reach. The simulator reveals thermalization of local observables, demonstrating that analog quantum simulation can reproduce and extend the physics of a real material.

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