How to resolve Xcode "updating took more than 5 seconds" error?

I am running Xcode 12.2 and I have a very simple project that has only boilerplate code and one dependency (Realm). But when I go to contentView.swift and wait for the live view to show up, I only see a spinning circle then an error message saying "updating took more than 5 seconds". The preview just doesn't work. I've looked up a similar question on Stack Overflow but none of the answers helped me solve the problem. Does anyone know how to fix an error like this? Any help would be appreciated.