For anyone else that discovers this question the root problem, as far as I can tell, is using SYMROOT to force a destination for the archive. This has worked in all other versions of xcodebuild that I can remember but it seems to break the linker’s understanding in the Xcode 12 beta 5 toolchain.
Without defining SYMROOT the project builds and archives as expected. I still haven’t figured out how to override the archive destination, though.
yadam.servicenow
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Final update, for anybody who finds this. Replace the use of SYMROOT with BUILD_DIR and you’re back on track. Easy!