I am on a 2020 M1 Pro using on macOS Monterey 12.6, Xcode 14 (It was happening with Xcode 13.3 and 13.2 as well). Opening Xcode will takes hours to load a project (even a new project) and I am not sure how to fix this.
I've tried restarting Xcode, deleting derived data, downloading previous versions, nothing has helped.
Is this a hardware issue?
