My project used VALID_ARCHS.
Removing only that build setting in Xcode 12 made the app runnable on the simulator.
Removing VALID_ARCHS required first clearing out its setting values. Then I was able to delete the entry itself and successfully build and run on the sim.
mvl-dxie
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Last build to work for me was uploaded around 8:30 PM UTC.
Then a build uploaded just before 9:00 PM UTC still hasn't shown up in App Store Connect -> Activity yet.