I am trying to launch my app on device. It is launching successfully on the simulator.
If your goal is to just launch the app and debug it, you can also edit the schema to "Wait for executable to be launched" and run the app manually. The setting is under Edit schema > Run > Info > Launch. Choose "Wait for executable to be launched" instead of "Automatically". It will wait for you to run the app (by manually tapping it) instead of timing out.