No, they don't simulate ground effect, but I'm not working on flying in ground effect (why exactly would you?)
You would care about ground effect if you were a newbie like me, where just getting off the ground is an adventure. If you're an accomplished pilot, CV may be fine. It's all a matter of perspective. CV was frustrating the h*ll out of me; a sim is no good if you're too frustrated with it to use it, so I decided to switch. I'll clarify my previous comments by saying that I wouldn't recommend CV for a newbie based on personal experience.