I'm on Xcode 12.5 and have been getting a beach ball every 5/6 seconds for about a second. I noticed it mostly while editing source code files. I tried all the things mentioned in this thread with no luck (turning wifi off, I didn't have any devices at all in the Devices window, etc.). I think it was specific to the project.
At the top of the source code pane is a row of files that were previously opened. I removed all of those files and the problem seems to have been fixed. I probably had 50 files listed in there and had two editor panes open side by side. Option-click removes all the files at once.
This seems to have worked for me.
Topic:
Developer Tools & Services
SubTopic:
Xcode
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