When I try to do an archive build for "any iOS device", I receive this error:
Build input file cannot be found: \'/Users/.../Library/Developer/
So I had the exact same issue. After updating to Xcode 12 I had originally set both my project and target 's 'Excluded Architecture' to arm64 in order to run on Simulator. But, as you mention, that blocks anything from working on Release / Real device. All I had to do was switch to 'Any iOS Simulator SDK = arm64' instead of all of them, see screen shot below:
link to screenshot