Well yes and no.
No IF you are looking for each persons own perception, own meaning to life. The faux person still has goals, dreams, values and 'life'(even in this limited way) and if they are unaware of the fact they are not real, then they still have there own existence to work from.
However the meaning of life for the 'community' is changed massively. In this simulated environment, the only meaning en masse is to be studied, to be viewed, they have no future, no past, there is no essence to the life of the subject.
Even bacterium in a petrie dish hold more of a meaning to existence then the creations, because at the end of the day, those simulated are nothing more then the workings of someone else, no matter how detailed, they are still programmed, still influenced by someone else on a grander scale.
But then we could all be coming from the wrong direction, maybe we are thinking this through to hard. Here a quote from one of my favourite movies about how we cam into existence....
This is not an occult science. This is not one of those crazy systems of divination and astrology. That stuff's hooey, and you've got to have a screw loose to go in for that sort of thing. Our beliefs are fairly commonplace and simple to understand. Humankind is simply materialized color operating on the 49th vibration. You would make that conclusion walking down the street or going to the store.
makes more sense then Holodecks or Matrix world:rolleyes0