Xcode 14.3 can't download symbols from watchOS 9.5.1?

I updated my Apple Watch Ultra from watchOS 9.5 to 9.5.1 and now when I connect it to Xcode (14.3 from the App Store), it says that "the device is not available because there was an error downloading its symbols". I've rebooted the watch, the iPhone and the MacBook but still no luck. As soon as I connect the phone to the Mac, I see Xcode making the watch available for development but then it fails with this error. Everything was working fine with watchOS 9.5.