How do I fix 'error HE0042' when trying to launch a Xamarin application in iOS 12 and below

I'm getting the following error when trying to launch a Xamarin.iOS application on iOS 12 and below (iOS 13 and above does launch the application without issue):

Debug output:

error HE0042: Could not launch the app 'com.companyname.App1' on the device 'iOS 12.2 (16E226) - iPhone 8 Plus': The request to open "com.companyname.App1" failed.

Simulator System.Log

com.apple.CoreSimulator.SimDevice.B80099F4-F084-4872-A08A-87BD762045BF[2469] (UIKitApplication:com.companyname.App1[0x3536][2491][3415]): removing service since it exited with consistent failure - OS_REASON_EXEC

This error even occurs on a newly generated application using VS for Mac or Rider.

Things I tried without any result:

• Erase All Content and Settings in the simulator (https://forums.xamarin.com/discussion/65978/debugger-wont-start-app-on-ios-device)

• Reinstalling CoreSimulator (Xamarin.iOS: Cannot run after Visual Studio 2019 Update)

• Clean Project, delete bin & obj folders & rebuild project

Is there anyone that experienced the same issue and how did you fix it?

Thanks!