Error during Xcode Component Installation

Question

I just installed a software update that I was prompted for, presumable affecting Xcode. Now when I start Xcode, I am presented with a dialog box which states that Xcode must in

Answer 1

I tried installing the required components:

but I had the same issue:

I recommend @Darren answer (https://stackoverflow.com/a/58651694/7602110) but I tried another way, which was uninstalling Xcode and installing it back again, is not the best way to go, because we all know how long that Xcode takes to install, but it also works and was worth sharing.