It seems like a reasonable expectation that the most recent publicly available Xcode version would have access to the most recent publicly installable iOS version. I have to troubleshoot some live push notification issues with my tethered iPhone running 16.5, and Xcode 14.3.1 will not connect.

Xcode 13.3.1(13E500a) running on 2018 Intel Mac mini macOS Monterey 12.3.1 iPhone 11 running iOS is 15.4.1 I stopped using a hub and 3rd party cable. Plugged into Mac mini directly with Apple lighting cable. Maybe they only tested this on Apple silicon?