I'm experiencing exactly the same issue, the official documentation - https://developer.apple.com/documentation/bundleresources/information_property_list/uilaunchscreen says:
Note
Use this key to configure the user interface during the app launch in a way that doesn’t rely on storyboards. If you prefer to use storyboards, use UILaunchStoryboardName - https://developer.apple.com/documentation/bundleresources/information_property_list/uilaunchstoryboardname instead. But that's not the case as we can see from this post.
I was able to "make it not black" on iOS 14 by using UILaunchScreen properties. But we support > iOS 12 and want to stick with UILaunchStoryboard