Xcode 12.0 does not support running and debugging iOS apps running anything newer than iOS 14.0. It is an annoying part of Xcode, as installing a minor iOS update forces you to update Xcode too.
There are two ways to fix this issue. The first way, which is the Apple-approved way, is to install the most recent version of Xcode from the Mac App Store. The second way is to download the iOS 14.6 support files and them to your Xcode 12.0 app bundle. Read the last question in the following FAQ for more detailed information, including a link to the support files:
swiftdevjournal.github.io/StartingiOSDevelopmentFAQ/Xcode
Topic:
Developer Tools & Services
SubTopic:
Xcode
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