In your place I would wait until Xcode 14.3.1 or a later release containing a fix finally pops out.

If macOS shows the «no installable fonts selected» message while trying to manually install an encrypted iOS font package then it's due to a permissive security policy. As a result Font Book fails to decrypt the fonts contained in the TTC archive in order to copy them in the /Library/Fonts folder. Everyone can install the online version of PingFang through the Downloadables section of the app.