I've made my Deployment Target iOS 10.0, using Swift 4.
I've installed the Simulator for iOS 10, even iOS 9.3.

I can see it in the list Window > "Devices and Simulators"

And yet the simulator for iOS 10 (iphone 5) does not show in my dropdown option list for run-able simulators.

I'm guessing I'm overseeing something obvious? Thanks!!!
The filtering that is done is based on deployment target. Check the build settings of all targets in your project to see if you are overriding the project-level deployment target with a target-level deployment target.
If you can't add another simulator (like iPhone 5) by clicking "+" icon in the bottom left corner of "Add simulators..." window, you should install iOS 10.0 (1.9GB) so that the old device can be run.
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