How to solve "iOS simulator runtime is not supported on hosts after macOS 10.15.99."

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iOS 10.3.1 and 11.0.1 runtimes become unavailable after updating to macOS Big Sur (11.2.1). I'm using Xcode 12.4.

This is what I get from xcrun simctl list runtimes:

== Runtimes ==
iOS 10.3 (10.3.1 - 14E8301) - com.apple.CoreSimulator.SimRuntime.iOS-10-3 (unavailable, The iOS 10.3 simulator runtime is not supported on hosts after macOS 10.15.99.)
iOS 11.0 (11.0.1 - 15A8401) - com.apple.CoreSimulator.SimRuntime.iOS-11-0 (unavailable, The iOS 11.0 simulator runtime is not supported on hosts after macOS 10.15.99.)
iOS 12.4 (12.4 - 16G73) - com.apple.CoreSimulator.SimRuntime.iOS-12-4
iOS 14.2 (14.2 - 18B79) - com.apple.CoreSimulator.SimRuntime.iOS-14-2

According to the supported SDKs section in https://developer.apple.com/support/xcode/, it states that Xcode 12.4 on Big Sur supports iOS Simulator 10.3.1 - 14.4. So this is supposed to be a bug. How can I solve this issue?

Edit 1:

I've tried Xcode 12.2 and Xcode 12.5 (beta) but the issue still persists.

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