Actually, was facing same issue on Mac Mini with M1 processor, please try to open Xcode through Rosetta - Right click on Xcode in applications folder -> Get Info -> set Open with Rosetta to true
Please follow steps below:
https://github.com/facebook/react-native/issues/29605#issuecomment-762354328
Vadko
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
From
Kharkiv, Kharkiv Oblast, Ukraine