Same issue for us. Still broken as of 3:19 PM EST
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Between Xcode 15+ and iOS 17+, Apple tries to open a network connection to the device even though it's already connected by wire. Connecting to the device by network does not work on many VPNs including ours. So disconnecting from VPN fixed it for us. If you're not on a VPN, check that your iPhone and your Mac are on the same WiFi.