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

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.

UpdateI also keep receiving this error

Failed to find or create execution context for description '<IBCocoaTouchPlatformToolDescription: 0x7f9a97966130> System content for IBCocoaTouchFramework-ThirteenAndLater <IBScaleFactorDeviceTypeDescription: 0x7f9a9565efe0> scaleFactor=2x'.

It went away when I

• cleaned my build folder
• removed my node_modules, Pods, Podfile.lock, and yarn.lock

But then it just came back

This is my launchscreen