Stuck with same issue after upgrading to XCode 12.4 and try to build an old project from prior versions

Issue went away after putting "x86_64 armv7s arm64" in VALID_ARCHS for project in 12.4 (12D4e), this is contrary to some posts that suggest VALID_ARCHS should be empty. I went back to the old project and isolate which change I did when migrating the old project to 12.4 that exposed the permission error. The error message and logs are misleading.