This framework isn't built with a supported configuration -- iOS and iOS Simulator code has never been supported in the same binary. The linker in Xcode 11 began identifying these incorrect configurations and issuing warnings, and Xcode 12 goes further in identifying these issues.
The only correct way to resolve this is to rebuild the framework as an XCFramework.
If this is your framework, or owned by another group in your company, follow the information in the video and the Xcode Help article.
If this framework is from a vendor, then you need to work with the vendor to get an updated version of the framework built with supported configuration.
In the discussion of this thread, there is a build script that attempts to resolve this error. Scripts like that -- anything that tries to manipulate the output with commands like lipo
-- still produces an unsupported configuration in the binary. XCFrameworks are the way to go.