Doh!. So simple. I had created a new iOS project just to test something quick with Mac Catalyst and never even considered the iOS deployment target. Thank you.

@Alex J Bowden - Xcode 13.4.1 worked just fine for me in supporting iOS 15.7. If it helps, I'm running Xcode 13.4.1 on an Intel MacBook Pro with macOS 12.6. Not sure it makes a difference but I had Xcode 14.0 running and the iOS 15.7 device plugged in. I then started Xcode 13.4.1 and almost immediately the Devices screen of 13.4.1 showed that the 15.7 was ready. I closed both versions of Xcode and then restarted Xcode 14.0 and 14.0 was now happy to work with the iOS 15.7 device.

Actually once you use Xcode 13.4.1 and connect to the iOS/iPadOS 15.7 device, Xcode 14 works just fine using the iOS/iPadOS 15.7 device. I'm doing it as I type this.

Sorry, I did not file a bug report.