The recently developed JWST Exoplanet Observation Simulator (JexoSim) simulates transit spectroscopic observations of exoplanets by JWST with each of its four instruments using a time-domain approach. Previously we reported the validation of JexoSim against Pandexo and instrument team simulators. In the present study, we report a substantially enhanced version, JexoSim 2.0, which improves on the original version through incorporation of new noise sources, enhanced treatment of stellar and planetary signals and instrumental effects, as well as improved user-operability and optimisations for increased speed and efficiency. A near complete set of instrument modes for exoplanet time-series observations is now included. In this paper we report the implementation of JexoSim 2.0 and assess performance metrics for JWST in end-member scenarios using the hot Jupiter HD 209458 b and the mini-Neptune K2-18 b. We show how JexoSim can be used to compare performance across the different JWST instruments, selecting an optimal combination of instrument and subarray modes, producing synthetic transmission spectra for each planet. These studies indicate that the 1.4 {mu}m water feature detected in the atmosphere of K2-18 b using the Hubble WFC3 might be observable in just one transit observation with JWST with either NIRISS or NIRSpec. JexoSim 2.0 can be used to investigate the impact of complex noise and systematic effects on the final spectrum, plan observations and test the feasibility of novel science cases for JWST. It can also be customised for other astrophysical applications beyond exoplanet spectroscopy. JexoSim 2.0 is now available for use by the scientific community.