Can this laptop run Sims 4 on high settings?

It has too little RAM otherwise it should be fine.

Thank you! Is the RAM the only off thing about it? Is i5 okay? Or would i7 be better?

How about this model? Would this be a safer choice? Is the 200-300$ difference worth it?

http://villman.com/Product-Detail/Acer_Nitro5_AN515-42-R9G7

This is a very nice laptop that will have no trouble running The Sims 4 or other games/programs you may want to use.

The only slight concern is the small SSD this means you must take care to install most programs on the other drive. Normally you do this by selecting a custom install which will give you an option on where to install. You will likely also want to move the documents folder using this tutorial:  https://www.windowscentral.com/how-move-default-user-folders-new-drive-windows-10

An I5 will be just fine the main thing to look for there is what generation it is (6xxx, 7xxx, 8xxx). Earlier generations will work fine as well but when buying a new PC the newer processors are a better option.

And yes the only thing ruling the first one out is too little RAM. Normally this can be upgraded easily. Sometimes there are an option on checkout to upgrade otherwise a shop can do it but you need to make sure it is upgradeable. Not all are. It should be mentioned somewhere if it is.