Update. I was wrong. The version included in Addtional Tools for Xcode 11.4 does appear to work on Big Sur. The question is will it continue to work in the future? Also, why are these tools still listed on the main Bluetooth developer page if they are no longer supported?
rmaloney
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This is now fixed for me in Xcode 12.0 beta 5 (12A8189h).
We are seeing this as well. This appears to be a known issue that Apple is working to fix, per https://developer.apple.com/forums/thread/650741