Confirming that updating Xcode 12 to Beta 6 fixes the issue. I have Xcode Simulator working fine now!
KonstantinAnthony
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Also having this problem.
Running Xcode in terminal shows this:
xcrun simctl list
...
iOS 14.0 (14.0 - 18A5301v) - com.apple.CoreSimulator.SimRuntime.iOS-14-0 (unavailable, failed to open liblaunch_sim.dylib)
I did accidentally install Xcode 11, which according to the other poster may have something to do with it. I'll investigate later.
Waiting for Beta 6 to download so I can install it, that may fix the issue.