Unpair the device and pair it again from xcode -> Window -> Devices will solve this issue.
Posted as answer after the confirmation from @brettf.
Just to clarify:
Unplug device
In Xcode, windows -> devices and simulators
Right-click the device shown in the left pane. Select 'Unpair device'
Plug in device
Follow the prompts on the iPhone and Mac
I just encountered this problem for Xcode 12(both release and beta version), the unpair and repair solution does not resolve, so I reset all settings(Settings -> General -> Reset -> Reset All Settings), and then the problem solved.
unpair and repair
Settings
General
Reset
Reset All Settings