Failed to find newest available simulator runtime - Image.xcassets when building RN app on iOS

This is the github repo for the project

I am trying to make some adjustments to an app that I haven't touched for a few months.

I am just trying to build the app using xCode and getting this error

I am running the app on my physical device

I have tried doing

Product -> Clean build folder

and

yarn cache clean --force

But the problem persists.