Failed to create IXPlaceholder Xcode 12.5

Question

I am trying to launch my apps that were working earlier without any issue but after I updated Xcode & Simulator, I keep getting this error and none of my apps seem to be working. They build without issue but when trying to launch them, nothing happens and this error comes up.

Can anyone please help me with this?

Failed to create IXPlaceholder for app bundle ID co.appbrewery.Tipsy Domain: IXErrorDomain Code: 2 Failure Reason: Failed to create promise. User Info: { FunctionName = "+[IXPlaceholder _placeholderForBundle:client:withParent:installType:metadata:error:]"; SourceFileLine = 503; }

Answer 1

sudo xcrun simctl shutdown all && sudo xcrun simctl erase all

this should work https://developer.apple.com/forums/thread/653807