Flutter application build says Could not build the application for the simulator

I tried all the steps mentioned in this post How do I change the iOS version for the Simulator?. These are the steps I tried on my M1 Macbook Pro -

1. It also shows an error about provisioning profiles. I tried removing my account and re-adding it in. it didn't work as well.

1. Changing the ios version on Xcode -

1. When I try to run the Flutter app on Android Studio, this is what I see -

1. I also tried all the steps mentioned on the referenced post above about deleting pod files and running pod install. It didn't help as well.

Any idea what I am missing here? Someone with experience please help out.