faced the same problem with iPhone 11 Pro on iOS 14.6:
XCode Version 12.5 (12E262)
Mac OS Big Sur 11.3.1
Enabling/Disabling BitCode didnt help
Profiling same app on the simulator (i.e. iOS 14.5, iPhone 8+ Simulator) works fine.
Topic:
Developer Tools & Services
SubTopic:
Xcode
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