I've seen quite a bit of weird behavior with frameworks, I think due to changes to the simulators to support Apple silicon. My temporary workaround is, in my app/extension targets, to add "arm64" to the Excluded Architectures build setting when building for the simulator (as your preview appears to be trying to do), and setting "Build Active Architecture Only" to No for all schemes. Might be worth a try.
tripletee
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Great, glad it worked. Caused several gray hairs to figure out. ;)
It may not help with your issue, but excluding arm64 when building for the simulator solved a similar issue with Firebase for me - see https://developer.apple.com/forums/thread/657913?answerId=628433022#628433022