Clear Trusted Computers from the iPhone Settings > Developer and reconnecting the iPhone again in Xcode solved my problem. I have also cleared the cache from ~/Users/username/Library/Developer/Xcode/.

Clear Trusted Computers from the iPhone Settings > Developer and reconnecting the iPhone again solved my problem.

Those who are looking for a solution, try to run app on iPhone SE 3rd Generation and then resize the screenshot to 1242 x 2208px. Hope this helps.