After updating OS version on my iPhone to iOS 16, I got message in Xcode telling that the version install on the physical device is unsupported, hence I cannot launch the app on that device :(
I hadn't have my Xcode updated. This is what I had to do:
In case you cannot launch properly a simulator from the previous versions, or it doesn't exist after updating Xcode, then, in the opened Xcode do next: