I just updated my iPhone to iOS 14.2.
When I want to launch an app on the device from Xcode, I now keep seeing this:
I also just updated Xcode to Version 1
Update: Xcode 12.2, with support for iOS 14.2, is now available on the AppStore. If you find this problem with a newer version of iOS and Xcode, the answer is still the same, you can (probably) download the beta for the next Xcode version from the Apple Developer website, you can wait for the AppStore version to be updated, or you can (probably) find the symbols for the new iOS version and copy them to your current Xcode installation.
Original answer. Applies to Xcode 12.1 and iOS 14.2
The latest version of Xcode in the AppStore doesn’t include support for 14.2. You can download a beta of the next version from the Apple Developer website that supports 14.2, or wait for the AppStore version to be updated.