Same here (Xcode 12.4, 12D4e) , especially immediately after starting up my computer (fastest Mac mini 2018) which is switched off during the night. It occurs to me:
• beach balls occur even without any file or project open. Xcode just stops responding while seemingly doing nothing. No disk, CPU or network activity can be seen.
• if I wait it out (for instance 10 minutes) the beach balls will eventually finish and Xcode continues to work as normal.
• if I wait it out (which is unbearable), the beach balls mostly will not come back until the next morning.
• if I force quit Xcode, sometimes a couple of times in sequence, the problem is gone in most cases.
• when Time Machine is doing stuff, beachballs take much longer to disappear.
• unpairing all devices and re-adding them does not seem to help.
• not using network but only lightning connections for devices does not seem to help.
• cleaning out all caches, derived data, etc does not help.
It's just terrible. I am afraid to open a new project or switch projects in Xcode because that seems to mean another early lunch break. I am afraid to open a storyboard or nib file because that may trigger another forced 10 minute wait.