app bundle file is crashing when drag and drop on simulator

I built the Xcode project, and in the Products folder, the build is created. I tried dragging and dropping it onto the simulator, and the app got installed. However, when I open the app, it suddenly crashes. I'm not sure what the reason is, although the same app build is working fine on other Mac machines. Note:- I am using a MacBook Pro M1 Max

I tried running the console for this and got these errors:

error 10:04:55.421406+0530 runningboardd <OSLaunchdJob | handle=B74FA3B1-3669-41C9-9BCA-4952DFE273D4>: job failed to spawn, plist={
ProcessType => App
EnableTransactions => false
_ManagedBy => com.apple.runningboard
RootedSimulatorPath => true
CFBundleIdentifier => com.edriving.mentor.business.dev
_ResourceCoalition => app<com.edriving.mentor.business.dev((null))>
ThrottleInterval => 2147483647
MachServices => {}
EnablePressuredExit => false
InitialTaskRole => 1
UserName => mobile
EnvironmentVariables => {
    TMPDIR => /Users/abhishek.bhardwaj/Library/Developer/CoreSimulator/Devices/79F383B3-B1EF-442A-9FBB-B9CF818865E9/data/Containers/Data/Application/1C04E6EF-7BBF-4B5A-843F-4850DDB74D92/tmp
    HOME => /Users/abhishek.bhardwaj/Library/Developer/CoreSimulator/Devices/79F383B3-B1EF-442A-9FBB-B9CF818865E9/data/Containers/Data/Application/1C04E6EF-7BBF-4B5A-843F-4850DDB74D92
    CFFIXED_USER_HOME => /Users/abhishek.bhardwaj/Library/Developer/CoreSimulator/Devices/79F383B3-B1EF-442A-9FBB-B9CF818865E9/data/Containers/Data/Application/1C04E6EF-7BBF-4B5A-843F-<…>}

#error 10:04:55.421451+0530 runningboardd Process start failed with Error Domain=NSPOSIXErrorDomain Code=1 "Operation not permitted" UserInfo={NSLocalizedDescription=Launchd job spawn failed}

#error 10:04:55.421761+0530 runningboardd Job remove after failed start failed with Error Domain=OSLaunchdErrorDomain Code=36 "Operation now in progress" UserInfo={NSLocalizedFailureReason=Operation now in progress}

#error 10:04:55.421780+0530 runningboardd Launch failed with Error Domain=NSPOSIXErrorDomain Code=1 "Operation not permitted" UserInfo={NSLocalizedDescription=Launchd job spawn failed}

#error 10:04:55.423921+0530 sharingd SDAirDropNearFieldService.startNearFieldController SKIP - AirDrop is restricted

#error 10:04:55.423929+0530 sharingd SDAirDropNearFieldService: missing Near field Controller, will not start polling

#error 10:04:55.422339+0530 SpringBoard Bootstrapping failed for <FBApplicationProcess: 0x104d12ed0; app<com.edriving.mentor.business.dev((null))>:> with error: <NSError: 0x600000c04bd0; domain: RBSRequestErrorDomain; code: 5; "Launch failed."> { NSUnderlyingError = <NSError: 0x600000c04e10; domain: NSPOSIXErrorDomain; code: 1> { NSLocalizedDescription = Launchd job spawn failed; }; }

#error 10:04:55.429857+0530 SpringBoard Live host view super view[(null)] not matching container view[<UIView: 0x1067b9000; frame = (0 0; 393 852); clipsToBounds = YES; layer = <CALayer: 0x60000024e440>>], frame not updated

#error 10:04:55.430074+0530 SpringBoard Live host view super view[(null)] not matching container view[<UIView: 0x1067b9000; frame = (0 0; 393 852); clipsToBounds = YES; layer = <CALayer: 0x60000024e440>>], frame not updated

#error 10:04:55.430887+0530 SpringBoard Live host view super view[(null)] not matching container view[<UIView: 0x1067b9000; frame = (0 0; 393 852); clipsToBounds = YES; layer = <CALayer: 0x60000024e440>>], frame not updated

#error 10:04:55.431520+0530 SpringBoard Live host view super view[(null)] not matching container view[<UIView: 0x1067b9000; frame = (0 0; 393 852); clipsToBounds = YES; layer = <CALayer: 0x60000024e440>>], frame not updated

#error 10:04:55.442060+0530 SpringBoard Live host view super view[(null)] not matching container view[<UIView: 0x1067b9000; frame = (0 0; 393 852); clipsToBounds = YES; layer = <CALayer: 0x600