iPhone 7 with iOS 15.8.2 never completes "Preparing for development"

PLATFORM AND VERSION iOS Development environment: Xcode 15.4, macOS 14.6.1 Run-time configuration: iOS 15.8.2

DESCRIPTION OF PROBLEM The only test phone that I have available is an iPhone 7 running iOS 15.8.2 (the latest iOS available for that device). When I connect the phone to XCode, it displays "Preparing Richard Cunningham's iPhone" indeterminately. I have tried many things including downloading new device support files, adding provisioning profiles, downgrading XCode, restarting both devices, wiping the phone, and setting the target SDK to match that of the test device. Despite all of this, XCode continues to display "Preparing ..." indeterminately. The issue can be found here on the developer forums:

https://forums.developer.apple.com/forums/thread/692230

STEPS TO REPRODUCE Create a blank XCode iOS project (Multiplatform App, iOS App, it doesn't seem to make a difference) and connect the iPhone 7 (15.8.2) to the laptop. Select "Trust" on the phone to initialize the connection, and observe XCode display "Preparing iPhone" in the top bar. Cmd + Shift + 2 to open the Devices Window, and see "iPhone is busy: Preparing iPhone". Allow this to continue for some time (I have left it for over a day) and observe that there are no changes.

iPhone 7 with iOS 15.8.2 never completes "Preparing for development"
 
 
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