I agree that evoking the name "Waheguru" brings peace and focuses your mind on the divine. One feels immense love and devotion when they say their Lord's name. It has the ability to uplift spirits and calm the troubled mind. Like a song stuck in your head, the mind continues saying "Waheguru" even when the lips have grown tired. Waheguru remains the focus throughout the day.
That's all good, but the name itself doesn't lead to realization of Akaal. Realization comes from studying, reading, and discussing the attributes of the divine. One does not obtain a PhD in philosophy by merely repeating "Socrates".
You say "Sat Naam" can be used instead of "Waheguru" to evoke the same feelings. What you are still describing is akin to taking a drug or a placebo. "Sat Naam" Simran will not bring forth Sat any more than Pizza Simran will bring forth pizza. Regardless of how much love and devotion you have when you say the word "pizza", you still have to call the pizzeria, so they can deliver it to your house.
Guru ji advocates repeating the name "Har Har", but without gurbani to provide context, the word "Har Har" has no meaning. In fact, the meaning would change from one person to the next. This is why Guru ji has given 1430 pages worth of context.
I wonder how many people doing "Waheguru" Simran understand what Waheguru is, beyond the warm and fuzzy feeling they get inside when they hear this name. I believe the Gurus came to give us knowledge, not just an emotional experience.
Indeed, "Waheguru" Simran takes your mind off of the five thieves, but it does not lead to an understanding of what the 5 thieves are and why they are bad. Without understanding, we become like those three monkeys: See No Evil, Hear No Evil, Speak No Evil. In other words, saturate your senses so the bad stuff can't get in. In this sense, it is a leash for a dog. What's even better is a dog that doesn't need a leash.
I'm not against Waheguru Simran. I'm against using it as a means to enlightenment. It is nothing more than a tool used to quiet the mind. No gyaan is attained from this endeavor.