When trying to run app on my iPhone 4, Xcode 8 beta shows me this message:
This iPhone 4 is running iOS 7.1.2 (11D257), which may not be supported by this vers
Actually, there is a way. You just need to copy DeviceSupport folder for iOS 7.1 from Xcode 7 to the new one. It's located in:
/Applications/Xcode.app/Contents/Developer/Platforms/iPhoneOS.platform/DeviceSupport/7.1
I've tried it and it works.
EDIT: If you don't have the 7.1 files anymore, you can find them here.
If you do not need to debug but only build and put the app on device then you could also use product -> archive to create .ipa file with an adhoc version and then put in on iphone 4 using window -> devices. This works on xcode 8 without any additional files.