I have enabled the Privacy & Security to Allow applications downloaded from Anywhere in Terminal.
During the installation process, I copied the Xcode binary to Applications folder. Launching it, it triggers a download and verify process. At the end of the verification I saw both iOS and VisonOS simulator verified successfully with checked boxes. However launching either simulator with a newly created app gives me the same error.
@pr0fess0r Can I ask you, when I copy the files to the /Library folder, do I just copy the Profiles folder in the dmg into the /Library/Developer/CoreSimulator folder?