I don't think it simulates any real-world condition in biking. After all, what hills (gravity) and wind do is resist your forward movement and increase your effort; same thing for running. But there's no forward movement on a trainer.

(Hmmmph...and you call yourself an engineer! )

Maybe, depending on where the band is attached, the resistance in maintaining the typical bent-over road bike stance would strengthen core muscles. Just a guess.

If you do land on your a**, try to get it on video for our amusement!