Your Xcode version may be too old for your iOS version
This problem is somewhat confusing, I got the same error with Xcode 12.0.1 and iOS 14.2 beta.This solved for me
Download Device support files of iOS 14.0 from this link.
for iOS 14.2 beta there is a pull request that is not yet merged
- Unzip and Paste it in this location.
/Applications/Xcode.app/Contents/Developer/Platforms/iPhoneOS.platform/DeviceSupport/
- ReOpen Xcode.