This error shows because of iPhone OS version is not supported by Xcode that's why this warning popped up, so check which max ios version is supported by Xcode which you are using.
In my case, the Xcode version is 13.1 and my iOS version is 15.4 so what I did, First downloaded device support version 15.4 from here (Download according to your device version) and added this to my Xcode.
steps to add the file in Xcode:-
Go to Applications > Right click on Xcode and Select Show Package Contents > Contents > Developer > Platforms > iPhoneOS.platform > DeviceSupport.
Extract your device support file to DeviceSupport Folder.
Restart Xcode and unplug and plug in your device.
As seen on StackOverflow post by Rajni
SupremeRex
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
Post
Replies
Boosts
Views
Activity
I had the same issue with 15 Pro. Was able to use the 15 following this post.