Deployment error iPhoneOS

Post the recent update to Xcode 12.x (12A7300), I found opening an app returned the following deployment error

The iOS Simulator deployment target 'IPHONEOS_DEPLOYMENT_TARGET' is set to 8.0, but the range of supported deployment target versions is 9.0 to 14.0.99.

This error got me as I scanned through the settings for the deployment target being set to 8.0.  However, I was unable to find anything that would have defined the setting to 8.0.  Such as going to project  > build settings > deployment

iOS Deployment target set iOS 13.2 with debug and release likewise set to 13.2

Instead, make the following change to the pod file by adding at the bottom

post_install do |installer|
  installer.pods_project.targets.each do |target|
    target.build_configurations.each do |config|
      config.build_settings.delete 'IPHONEOS_DEPLOYMENT_TARGET'
    end
  end
end

Perform a clean (shift+cmd K) and build (cmd B) and the error will be gone.

Adding CocoaPods

This error also occurred for me when the project I was working on eventually required CocoaPods to be added.  The project had been kicking around for a couple of months before CocoaPods was needed.  Anyway, once pods was added this error graced the project.  Making the change noted above had the error vanish once again.