Xcode – React native app won't run after updating to latest version RN 0.64.0

I am using Xcode 12.5 on macOS Big Sur 11.3

After updating to the latest versions of both React Native, Xcode, and macOS I can’t run my app in the iOS simulator. So far I have gone with yarn start --reset-cache, as well as pod install in the ios folder before running the app.

The error message I get from running react-native run-ios:

error Failed to build iOS project. We ran "xcodebuild" command but it exited with error code 70. To debug build logs further, consider building your app with Xcode.app, by opening ClientMobileApp.xcworkspace.
Command line invocation:
    /Applications/Xcode.app/Contents/Developer/usr/bin/xcodebuild -workspace ClientMobileApp.xcworkspace -configuration Debug -scheme ClientMobileApp -destination id=724B989E-688B-4BEE-B9DE-5713DC3C3543

User defaults from command line:
    IDEPackageSupportUseBuiltinSCM = YES


xcodebuild: error: Unable to find a destination matching the provided destination specifier:
                { id:724B989E-688B-4BEE-B9DE-5713DC3C3543 }

        Available destinations for the "ClientMobileApp" scheme:
                { platform:iOS Simulator, id:20D64ED0-3E19-4097-AF61-288FBC988184, OS:14.5, name:iPad (8th generation) }
                { platform:iOS Simulator, id:DCD3F640-370F-4BD3-9F1A-2970214EECAC, OS:14.5, name:iPad Air (4th generation) }
                { platform:iOS Simulator, id:A8D0FD68-874D-450C-82A1-0634B35F5F8F, OS:14.5, name:iPad Pro (9.7-inch) }
                { platform:iOS Simulator, id:70B797EB-643E-4529-A380-8DFDE638B113, OS:14.5, name:iPad Pro (11-inch) (3rd generation) }
                { platform:iOS Simulator, id:96F7D1FA-3073-4D04-A421-63BC8F180E83, OS:14.5, name:iPad Pro (12.9-inch) (5th generation) }
                { platform:iOS Simulator, id:FC589850-E019-4693-8A47-98A25E9FA199, OS:14.5, name:iPhone 8 }
                { platform:iOS Simulator, id:015C06A0-6ED9-4804-894C-34AF1F1FEAEE, OS:14.5, name:iPhone 8 Plus }
                { platform:iOS Simulator, id:7197DB3E-CF38-4137-B658-0C1C64D50C50, OS:14.5, name:iPhone 11 }
                { platform:iOS Simulator, id:36CC461A-44AF-4219-BD7A-256608428EF2, OS:14.5, name:iPhone 11 Pro }
                { platform:iOS Simulator, id:CE053D10-39AC-4948-BD15-8359CD6AED7A, OS:14.5, name:iPhone 11 Pro Max }
                { platform:iOS Simulator, id:C8473A82-C736-4F77-9667-B52EC1FF87F4, OS:14.5, name:iPhone 12 }
                { platform:iOS Simulator, id:B809C76B-9D22-47B4-9575-9FC910FF86D2, OS:14.5, name:iPhone 12 Pro }
                { platform:iOS Simulator, id:3AB6EF2E-E199-4189-8B87-A93CAD399663, OS:14.5, name:iPhone 12 Pro Max }
                { platform:iOS Simulator, id:99F2CA5D-FA40-425C-96DC-301042108B84, OS:14.5, name:iPhone 12 mini }
                { platform:iOS Simulator, id:4C77120A-1473-4917-838F-3946CA1A54E5, OS:14.5, name:iPhone SE (2nd generation) }
                { platform:iOS Simulator, id:BE0C2098-3E6D-4481-B639-EDFAB77935CD, OS:14.5, name:iPod touch (7th generation) }

        Ineligible destinations for the "ClientMobileApp" scheme:
                { platform:iOS, id:dvtdevice-DVTiPhonePlaceholder-iphoneos:placeholder, name:Any iOS Device }
                { platform:iOS Simulator, id:dvtdevice-DVTiOSDeviceSimulatorPlaceholder-iphonesimulator:placeholder, name:Any iOS Simulator Device }