I can verify that, having 50GB free storage on machine will resolve this issue. I was having 18GB previously, though the xcode12.3 xip size only 11.63 yet I can't extract.
Some files you may consider to remove to get get storages
com.apple.dt.XCode (~/Library/Caches) - about 2gb
iOS DeviceSupport (/Library/Developer/Xcode/iOS DeviceSupport) - I have like 32 GB here
DerivedData (/Library/Developer/Xcode/DerivedData)
tommy.leong
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