High-power magnetically shielded Hall thrusters have emerged in recent years to meet the needs of the next-generation on-orbit servicing and exploration missions. Even though a few such thrusters are currently undergoing their late-stage development and qualification campaigns, many unanswered questions yet exist concerning the behavior and evolution of the plasma in these large-size thrusters that feature an unconventional magnetic field topology. Noting the complex, multi-dimensional nature of plasma processes in Hall thrusters, high-fidelity particle-in-cell (PIC) simulations are optimal tools to study the intricate plasma behavior. Nonetheless, the significant computational cost of traditional multi-dimensional PIC schemes renders simulating the high-power thrusters without any physics-altering speed-up factors unfeasible. The novel reduced-order “quasi-2D” PIC scheme enables a significant reduction in the computational cost requirement of the PIC simulations. Thus, in this article, we demonstrate the applicability of the reduced-order PIC for a cost-efficient, self-consistent study of the physics in high-power Hall thrusters by performing simulations of a 20 kW-class magnetically shielded Hall thruster along the axial-azimuthal and radial-azimuthal coordinates. The axial-azimuthal quasi-2D simulations are performed for three operating conditions in a rather simplified representation of the thruster’s inherently 3D configuration. Nevertheless, we have resolved self-consistently an unprecedented 650 µs of the discharge evolution without any ad-hoc electron mobility model, capturing several breathing cycles and approximating the experimental performance parameters with an accuracy of 70 to 80 % across the operating conditions. The radial-azimuthal simulations, carried out at three cross-sections corresponding to different axial locations within the discharge channel, have casted further light on the evolution of the azimuthal instabilities and the resulting variations in the electrons’ cross-field mobility and the plasma-wall interactions. Particularly, we observed the development of a long-wavelength, relatively low-frequency wave mode near the exit plane of the thruster’s channel that induces a notable electron transport and a significant ion heating.