I was able to get it running again, via a combination of the following:
Quit Xcode
Clear ~/Library/Developer/Xcode/DerivedData
Clear ~/Library/Developer/Xcode/watchOS DeviceSupport
Delete any Xcode (e.g. com.apple.dt.Xcode) folders/files in ~/Library/Caches
Topic:
Developer Tools & Services
SubTopic:
Xcode
Tags: