This appears to be fixed in XCode 12 beta 5
They restored an option for Style: "Unspecified (Discouraged)" in storyboard for UISplitViewController which reverts things back to the previous behavior. You'll need to rebuild the storyboard with the new version for this to take effect (simply rebuilding the project but never opening the storyboard will not work).
Topic:
UI Frameworks
SubTopic:
UIKit
Tags: