You can't downgrade your phone. You can install support files for iOS 16.4 to be able to debug your project on Xcode 12. Read the following article for more detailed information:
https://www.swiftdevjournal.com/dealing-with-failed-to-prepare-device-for-development-error-message-in-xcode/
Topic:
Developer Tools & Services
SubTopic:
Xcode
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