Unable to run React Native Project on simulator after updating to Xcode 12 [closed]

Question

I just updated to Xcode 12 and now my react native project (which was working just before updating) will not run and outputs this error

An error was encountered processing the command (domain=NSPOSIXErrorDomain, code=2):
Failed to install the requested application
An application bundle was not found at the provided path.
Provide a valid path to the desired application bundle.
info Launching "app.lfgo.release"
error Failed to launch the app on simulator, An error was encountered processing the command (domain=FBSOpenApplicationServiceErrorDomain, code=4):
The request to open "app.lfgo.release" failed.
Underlying error (domain=FBSOpenApplicationErrorDomain, code=4):
    The operation couldn’t be completed. Application info provider (FBSApplicationLibrary) returned nil for "app.lfgo.release"
    Application info provider (FBSApplicationLibrary) returned nil for "app.lfgo.release"

Answer 1

The same was happening to me when upgraded to Xcode 12. What helped was to (if using lock files) install @react-native-community/cli-platform-ios as devDep and bump version in all @react-native-community/cli-platform-ios entries in yarn.lock file to 4.13.0