I had the exact same problem today, and I ended up restoring my home directory using Carbon Copy Cloner's snapshot function. All was well, until I realized that almost every app was taking forever to launch (with most timing out).
The culprit? Apple's "Find My" servers were down and the Mac was busy thrashing to try to establish this connection. I turned off "Find My Mac" and everything sprung to life.
KapnKrunch
Users receive reputation points by contributing quality content to the forums.
Posts include post and replies published on the forums.
Post authors can mark replies as Accepted to indicate successful solutions.
Apple Developer Forums admins can mark replies as Apple Recommended to indicate an approved solution
Last seen
User for
Post
Replies
Boosts
Views
Activity
I'm using Xcode 16.0 seed 2, and tried your workaround. Does not resolve issue.