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?

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.