Apple M1 Mac: Running iPadOS app with Mac as target device gives error alert

As shown in this image (https://imgur.com/a/LZaaWea), I get error alert that says, "Install service either had no reply or it wasn't a dictionary". Clicking on "Details" button of the alert would give this info: Details

Install service either had no reply or it wasn't a dictionary
Domain: IDEInstallLocalMacService
Code: -99
User Info: {
    DVTErrorCreationDateKey = "2022-05-23 20:56:18 +0000";
    IDERunOperationFailingWorker = IDEInstallLocalMacWorker;
}
--
XPCError from IDEInstallService installing ‘<< APP NAME>>’

Connection interrupted
Domain: IDEInstallService
Code: -1
--

Analytics Event: com.apple.dt.IDERunOperationWorkerFinished : {
    "device_model" = "MacBookPro18,1";
    "device_osBuild" = "12.1 (21C52)";
    "device_platform" = "com.apple.platform.macosx";
    "launchSession_schemeCommand" = Run;
    "launchSession_state" = 1;
    "launchSession_targetArch" = arm64;
    "operation_duration_ms" = 63;
    "operation_errorCode" = "-99";
    "operation_errorDomain" = IDEInstallLocalMacService;
    "operation_errorWorker" = IDEInstallLocalMacWorker;
    "operation_name" = IDERunOperationWorkerGroup;
    "param_consoleMode" = 0;
    "param_debugger_attachToExtensions" = 0;
    "param_debugger_attachToXPC" = 1;
    "param_debugger_type" = 3;
    "param_destination_isProxy" = 0;
    "param_destination_platform" = "com.apple.platform.macosx";
    "param_diag_MainThreadChecker_stopOnIssue" = 0;
    "param_diag_MallocStackLogging_enableDuringAttach" = 0;
    "param_diag_MallocStackLogging_enableForXPC" = 1;
    "param_diag_allowLocationSimulation" = 1;
    "param_diag_gpu_frameCapture_enable" = 0;
    "param_diag_gpu_shaderValidation_enable" = 0;
    "param_diag_gpu_validation_enable" = 0;
    "param_diag_memoryGraphOnResourceException" = 0;
    "param_diag_queueDebugging_enable" = 1;
    "param_diag_runtimeProfile_generate" = 0;
    "param_diag_sanitizer_asan_enable" = 0;
    "param_diag_sanitizer_tsan_enable" = 0;
    "param_diag_sanitizer_tsan_stopOnIssue" = 0;
    "param_diag_sanitizer_ubsan_stopOnIssue" = 0;
    "param_diag_showNonLocalizedStrings" = 0;
    "param_diag_viewDebugging_enabled" = 1;
    "param_diag_viewDebugging_insertDylibOnLaunch" = 1;
    "param_install_style" = 0;
    "param_launcher_UID" = 2;
    "param_launcher_allowDeviceSensorReplayData" = 0;
    "param_launcher_kind" = 0;
    "param_launcher_style" = 99;
    "param_launcher_substyle" = 8192;
    "param_runnable_appExtensionHostRunMode" = 0;
    "param_runnable_productType" = "com.apple.product-type.application";
    "param_runnable_swiftVersion" = "5.6.1";
    "param_runnable_type" = 2;
    "param_testing_launchedForTesting" = 0;
    "param_testing_suppressSimulatorApp" = 0;
    "param_testing_usingCLI" = 0;
    "sdk_canonicalName" = "iphoneos15.5";
    "sdk_osVersion" = "15.5";
    "sdk_variant" = iphoneos;
}
--


System Information

macOS Version 12.1 (Build 21C52)
Xcode 13.4 (20503) (Build 13F17a)
Timestamp: 2022-05-23T15:56:18-05:00