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Not just intel macs, they are not incredibly slow on Apple Silicon however they are consuming an extraordinarily excessive amount of CPU while they run. Appears to be some internal process crashing in a loop causing diagnosticd to work really hard etc. The famed Apple Silicon battery life performance is quickly neutralized by leaving a Simulator running any longer than you have to.
Would love to see a fix for this as it's been a known issue through at least the second half of the Xcode 15 beta process