'Xcode: Failed to prepare device for development
Solution 1:[1]
Well, here is a short story that I've experienced during my casual work day.
I tried to pair new phone to XCode and it prompted exactly same error as yours. At the end of the day it turned out that phone had an Apple Watch that is paired.
We simply disabled/unpaired the phone from Apple Watch and it worked out.
Maybe you can give it a try.
Edit: Finding the XCode version that supports iOS 15.4 may also work.
Sources
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Source: Stack Overflow
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