I tried this on iOS 16.2 and the Watch app crashes as soon as I scroll to the bottom of the screen where my app would be 😒

A corollary to this approach is to make sure that your watch, phone and Mac are all on the same network. As most complaints about this issue seem to be related to Apple Watch Series 5 or earlier, and Apple Watch before Series 6 could not connect to 5.2 Ghz wifi, I have a feeling a lot of people are having connectivity issues because their watches aren't connected to the same wifi network as their other devices. ymmv

Thanks for this. One piece of advice, though. If you're mucking around in caches and derived data, it's probably best to have quit Xcode beforehand, not in step 3. Xcode has a habit of recreating things dynamically as it needs them.