When attempting to use preview or to run my app on the iOS Simulator iPhone 14 (all variants) the simulator never boots and just stays in a booting/loading state while the preview for the same app never displays and just continues to show the activity indicator.
I tried reboot Xcode 14.2 and clear out the derived data folder. I tried to run the app on the iPhone 13 Pro simulator. I tried to reboot my Mac (Intel) with Monterey OS.
None of the above worked.