Xcode 14 not working with iOS 15 device

I'm getting the dreaded "Failed to prepare the device for development" error when I connect my iPhone running iOS 15 to the latest version of Xcode. I've tried rebooting both devices. How do I fix this?

This is asked and answered already:

https://developer.apple.com/forums/thread/714388

Xcode 14 not working with iOS 15 device
 
 
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