After spending annoying amount of time to figure this issue out, I was finally able to fix it for me. This is stupid but, installing VisionOS runtime resolved the issue, for me. This can be done in Xcode > Settings > Platforms

Answering my own question here, for anyone who might face similar issue and don't get any responses: I ended up adding libswift_Builtin_float.tbd to the Link Binary With Libraries in the Build Phases of the Target Then setting the Status to Optional instead of Required. After that, building the project and running it on iPadOS 17 devices, fixed the backward compatibility crash.

I thought I was the only one who was facing this issue. This is frustrating because it's hindering the development on Xcode-beta 5

https://developer.apple.com/forums/thread/796523?answerId=853144022#853144022 Looks like Apple fixed the issue. I was able to download the iOS 26 Universal Simulator (without any need to re-download xip)