I'm seeing the same issue you've described ever since updating to 12.3. In fact even if I don't open a project and open a few of the Xcode preferences screens, I'm seeing the spinner and the Xcode become unresponsive. In Activity Monitor, Xcode shows "Not Responding" and it's usually 1-2 minutes of waiting. This happens with most operations, and makes working in Xcode nearly impossible.
nashish
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