You can easily submit an update to your app using Xcode 16. Just keep your app's deployment target set to iOS 17 (or 16 or 15 or even 12). The requirement is for the base SDK, not the deployment target. Anyone can create an update or even a new app that still supports anywhere from iOS 12 and later while using Xcode 16.
Topic:
Developer Tools & Services
SubTopic:
Xcode