Is it possible to build for Apple Silicon using Xcode 12 on Catalina?

Xcode 12 running on Catalina isn't offering me the option to build my Mac app for Apple Silicon, and the "Standard Architectures" option in the Architectures build setting just says Intel 64-Bit.

Is Big Sur required to build for Apple Silicon? I don't see this anywhere on the docs page.

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As said above (or below?), as long as you grabbed the "Xcode 12 for macOS Universal Apps beta" you'll be able to see the "Any Mac" build destination which will allow Universal 2.

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There are two separate xcode downloads currently - one labelled "Xcode 12 beta" and one labelled "Xcode 12 for macOS Universal Apps beta". Make sure you grabbed the second one.
As said above (or below?), as long as you grabbed the "Xcode 12 for macOS Universal Apps beta" you'll be able to see the "Any Mac" build destination which will allow Universal 2.
I am not seeing this option on Xcode 12 from AppStore or from https://developer.apple.com/download/more/
Is there any way to enable the Apple Silicon target?