Just how often do airline pilots practice V1 cuts when in the sim? Is it the kind of thing that turns up practically every sim session, or is it something that's much more sporadic?
During initial and upgrade training you will fly many V1 cuts. At every recurrent check ride you'll experience V1 cuts both as pilot flying and non flying pilot.
In our sim events the V1 cut would generally be a 600 RVR takeoff with 10 kt direct crosswind from the side that would fail. Not always though -- you expected the V1 cut on every takeoff.
Sims are useful for three different groups of tasks that are difficult or a waste of time to do in the airplane:
Instrument approaches and departures
V1 cuts come in the last category, and you will get plenty of them since you don't want to be doing them on the actual runway. You need to develop the proper intellectual acumen and muscle memory to react to the event so that you can handle one safely when it happens in real life.