Xcode hangs (colored beach ball twirl) repeatedly, periodically

While working in Xcode 12.4 (12D4e) on Big Sur 11.2 (20D64), I am experiencing Xcode just halting, and beach ball showing, for 45 seconds or so, then all is well for a couple of minutes, and it happens repeatedly, periodically.
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Read the Friendly Manual!

from release notes for 12.4: Known Issues
Xcode may hang if the host Mac is connected to an iOS device which has one or more companion watches. The hangs occur when the watches aren't fully prepared for development, or if they are experiencing poor wireless connectivity. (72490921) (FB8945320)
Workaround: Power off the watches, or unpair them from the iPhone.
You can force Xcode to freshly prepare a watch for development using these steps:
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