Xcode 12 Beta - Cannot find simulator runtime

I have installed Xcode 12 beta 3. I tried to run sample xamarin.iOS project through Jenkins on Mac OS Catalina. It fails with the below error. When I build the same project from Mac Visual studio, it succeeded without any error.

Error :
LaunchScreen.storyboard : error : 2020-07-27 00:15:09.426 ibtoold[62259:968632] [MT] IBPlatformTool: *** Failed to launch tool with description <IBCocoaTouchPlatformToolDescription: 0x7fbaa44fdfc0> System content for IBCocoaTouchFramework-ElevenAndLater <IBScaleFactorDeviceTypeDescription: 0x7fbaa4b04e90> scaleFactor=2x, renderMode.identifier=(null): Failed to find or create execution context for description ‘<IBCocoaTouchPlatformToolDescription: 0x7fbaa44fdfc0> System content for IBCocoaTouchFramework-ElevenAndLater <IBScaleFactorDeviceTypeDescription: 0x7fbaa4b04e90> scaleFactor=2x, renderMode.identifier=(null)’. [/Users/Shared/SOP/TestApp/TestApp/TestApp.csproj]

LaunchScreen.storyboard : error : Device type: IBSimDeviceTypeiPad2x (com.apple.dt.Xcode.IBSimDeviceType.iPad-2x) [/Users/Shared/SOP/TestApp/TestApp/TestApp.csproj]

LaunchScreen.storyboard : error : Sim runtime: (null) [/Users/Shared/SOP/TestApp/TestApp/TestApp.csproj]

SplashViewController.storyboard : error :
 iOS 14.0 (14.0 - 18A5319g) - com.apple.CoreSimulator.SimRuntime.iOS-14-0 (unavailable, failed to open liblaunchsim.dylib) ==> not available:
  Error Domain=com.apple.CoreSimulator.SimError Code=401 "The iOS 14.0 simulator runtime is not available."
  UserInfo={NSLocalizedDescription=The iOS 14.0 simulator runtime is not available.,
   NSUnderlyingError=0x7fef8847b520 {Error Domain=NSPOSIXErrorDomain Code=53 "Software caused connection abort"
  UserInfo={NSLocalizedFailureReason=XPC error talking to SimLaunchHostService: <error: 0x7fff97d649a0> { count = 1, transaction: 0, voucher = 0x0,_

I also did xcrun simctl list to view the available runtime simulators for Xcode 12 beta. It shows the below list but fails while building.

== Runtimes ==

iOS 14.0 (14.0 - 18A5319g) -
com.apple.CoreSimulator.SimRuntime.iOS-14-0
tvOS 14.0 (14.0 - 18J5331g) -
com.apple.CoreSimulator.SimRuntime.tvOS-14-0
watchOS 7.0 (7.0 - 18R5327h) -
com.apple.CoreSimulator.SimRuntime.watchOS-7-0

When I opened Xcode Settings and clicked to Components -> Simulator I do not see iOS 14 in the list:

Can anyone help me to resolve this? I also tried re-adding the simulators.