This fixed one device for me:
Turn off Mac WiFi
Put your iPhone in Airplane Mode
From XCode Devices&Simulators > Devices: Forget all devices
Click + to open Choose a connected device to set up dialog
Connect your iPhone via USB
Click Okay when asked if you trust the computer (and enter password)
Select device and press the Next button
Wait for it to sync the cached symbols.
Verify that the device shows up in the Connected list
Turn on Mac WiFi
Turn off Airplane Mode
After this, I was also able to sync another phone just by pulling it back into the computer via USB, trusting, and waiting for cached symbols.
Prior to this, I spent hours trying all sorts of combinations. I guess killing wifi as the silver bullet in my case.