iOS Build Failed at compile time with issue "failed to find a suitable device for the type SimDeviceType"
It seems like the old simulator process remained open in the background during an XCode update.
Simply running
sudo killall -9 com.apple.CoreSimulator.CoreSimulatorService
in terminal may solve the problem.
There shouldn't be a need for cleaning the project and/or build folder.
If you quit Xcode and still get the same error, then try clean (command + shift + option + k) and select option "Clean" in popup. Repeat this 2 to 3 times. It works in my case.