I want to confirm the solution provided. I was facing a similar issue using iOS18 as minimum deployment in my application and downgrading to iOS 17 solved the problem I am running macOS 15.0 (24A335) Xcode 16 for reference.

Using a MacBook Pro (13-inch, M1, 2020) After downloading Xcode 13.1 from the App Store 🤒 on Monterey neither able to cancel update nor restart laptop been stuck on this screen, any suggestions been ~2+ hours