I was able to get around this problem by renaming MyAppName.xcodeproj to Runner.xcodeproj, and making some further adjustments to the targets which also had some references to MyAppName.
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Is anyone aware of an update to this? I'm seeing the same issue with iPhone 14 & 15 simulators after installing Xcode 16 beta 4. Is the simulator app automatically included when up update Xcode?