I think it's more than dynamics, that term could be taken different ways too I suppose. I think of dynamics maybe more as headroom thing, where there's room in an amp (or model) to fluctuate based on things like pick attack.
A tube amp is an electrical circuit where things are happening on different levels at different times, with real voltages hitting real transformers then into speakers. With a lot of amps (not all of course, depends on the design and output) when you hit it harder with pick attack, it responds in a dynamic way that I've yet to truly experience closely from a model. Some are better than others, and granted I haven't tried every modeler either. It's just an observation, not me saying a tube amp is better for every situation or player. It is a different experience though.