I didn't know it sometimes does not work.
I'm using xcode 12.0-beta-3, target ios 13.5 and 14, tested on a few simulators and real devices, ipad(ios 14) and iphone(ios 13.5).
I cannot see any problems with the following (updated) test:
import SwiftUI
struct ContentView: View {
		var body: some View {
				TestView().padding()
		}
}
struct TestView: View {
		@State var timeNow = ""
		let timer = Timer.publish(every: 1, on: .main, in: .common).autoconnect()
		var dateFormatter: DateFormatter {
				let fmtr = DateFormatter()
				fmtr.dateFormat = "LLLL dd, hh:mm:ss a"
				return fmtr
		}
		
		var body: some View {
				Text("Currently: " + timeNow)
						.onReceive(timer) { _ in
								self.timeNow = dateFormatter.string(from: Date())
						}
		}
}
What setup does it fail on?