This still seems to be a problem. Tried with an Xcode project macos command line tool template, and with a SPM exectuable target. Both show empty concurrency instruments but the time profiler is fine.
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We're also relying on this on Xcode 12 so if it's no longer supported it will be a big blocked for us. Not all dependencies work yet on M1 so this seems necessary. https://github.com/braintree/braintree_ios/issues/564
Forcing the ENABLETESTINGSEARCH_PATHS = YES to my dependencies (Kiwi) seems to make them compile, but then the test target fails. Even with that setting turned on in the app and test targets.
note: did not find header 'XCTest.h' in framework 'XCTest' (loaded from '/Applications/Xcode-beta.app/Contents/Developer/Platforms/iPhoneSimulator.platform/Developer/SDKs/iPhoneSimulator14.0.sdk/Developer/Library/Frameworks') Seems like it's because some libraries still use the old style of import "#import <XCTest/XCTest.h>".
I'm not sure anything can be done to fix that.