Nothing new to add, experiencing the same issue as everyone else, just wanted to add a comment to amplify the problem. Using React Native, no expo. I submitted a report to Apple. I'm very glad it's not just us!

I just submitted a report to Apple asking for an update, has anyone else?

Same, happened a couple months ago too and Apple fixed it. I reached out to Apple Support and they directed me to Technical Support so I am filing a Technical Support Incident about it now here: https://developer.apple.com/support/technical/

To be clear, the computer running Monterrey is an Intel mac.

It also happens with 14.1. I really don't want to have to factory reset my computer but maybe that's the only thing left to do?

For anyone else that my run into this: I was able to fix it by creating a new project. It had me re-sign in with my apple id so I wonder if that had something to do with it? After that it would load my old projects.

Just chiming in that I'm experiencing the same thing on Xcode 14.2, Ventura 13.1, M1 Mac. Apple where are you? I got it to work once by re-installing. Before hanging it would take me through the set up screens and I created a new project instead of opening an old one. This prompted me to re-enter my apple id and then I was able to open an old project. Not sure why this worked and it only worked for about a week, now it's hanging again.