Just solved this answer thanks to this SO post: https://stackoverflow.com/a/63950990/5464805
It looks like at some point of the development my team had to exclude arm64 architectures for the app to work on simulator.
The error message is not that helpfull, but removing Excluded Architectures from Build Settings worked for me.
Hope this helps
Topic:
Developer Tools & Services
SubTopic:
Xcode
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