For example, system modeler is probably never going to be as accurate as a dedicated multi-physics FEA but it will get reasonable ballpark answers very quickly for complex multi-physics system-level problems (which is a big advantage)
There are a few techniques that can be applied with System Modeler in order to get fast solutions to problems where FEA is usually used. For example, when modeling flexible elements. A flexible bar can be simulated splitting it into small segments and approximating the deformation. It's a tradeoff, with FEA you can get a more accurate result, but with System Modeler you can get good enough solution in a reasonable time. @Vedat Senol has made a few applications like this.
In the case of electric circuits it is not always necessary to perform simulations with the most accurate semiconductor models. For example, when developing circuits with operational amplifiers, one can use a detailed model of the op-amp to analyze extreme cases. But in most situations, for the work I do, a behavioral model of the op-amp is more than enough. System Modeler makes very easy to create these behavioral models and perform very fast simulations. For example, in the course I run a simulation of a full synthesizer and render a few seconds of audio in a reasonable time. Using a SPICE-like simulator would take much longer.
Is there any strategy for automatically taking outputs from software like Ansys, Comsol, LTSpice or other simulation programs and integrate the outputs as part of a system-level multi-physics simulation that System Modeler could model?
It depends on what the other simulators allow. System Modeler can produce FMUs, under the FMI standard https://fmi-standard.org/. This allows models created in System Modeler to be exchanged with other simulators therefore making sending an receiving data much simpler. Is up to the other simulators to adopt such standard in order to make interoperability easier.
In the case of FEA, Mathematica provides tools to perform FEA analysis and it is possible to combine with System Modeler. Again @Vedat Senol has made a few examples.
Another application where I'd love to see what System Modeler can do is as a tool something like LangChain where LLM outputs can be chained together to action complex tasks.
I haven't seen anything combining System Modeler with LLMs. What we do have is running neural networks built in Mathematica running with System Modeler using the ONNX format.