Success! Xcode 26.5 Release Candidate (17F42) running on macOS Tahoe 26.5 Release Candidate (25F71) appears to have fixed the problem for me.
I first updated to macOS 26.5 RC, and then to Xcode 26.5 RC. I didn't need to clean out my previous installation data (e.g., /Library/Developer, etc.) ... I just deleted my 26.4.1 Xcode and replaced it with the new. My simulators showed up as expected. I did several reboots of my computer, and each time, the simulators briefly show as "status unavailable" but then they eventually show up and stay there.
Hopefully, others have the same the same success.
Topic:
Developer Tools & Services
SubTopic:
Xcode