i am also getting same error on xcode 12.1
Assets.xcassets:1:1: Failed to find a suitable device for the type IBSimDeviceTypeiPad2x (com.apple.dt.Xcode.IBSimDeviceType.iPad-2x) with runtime iOS 14.1 (14.1 - 18A8394) - com.apple.CoreSimulator.SimRuntime.iOS-14-1
saroj_2009it
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