Xcode 12.5 Interface Builder can't find framework

I've just received my M1 MacMini and i'm trying to get my current project setup and running. My project is using storyboards and all my IBDesignables are in a separate framework embedded inside the project as a separate target. This all functions perfectly on my old machine running Xcode 12.4.

On the M1 the simulator launches and displays the app correctly, but interface builder can't render my custom controls. The error it gives, says it is looking for my framework in:

".../xcode/DerivedData/.../products/Debug-iphoneos/..."

This path doesn't exist but this one does:

"....products/Debug-iphonesimulator/..."

How do I either generate the "Debug-iphoneos" that interface builder is looking for, or how do I tell it to use the one thats present?

I've tried changing some of the settings around "Build active architecture only" and made sure the framework wasn't excluding arm64. But none of this works and i'm out of my depth trying to learn all of this stuff at once