Slow app launch time after updating to iOS 14 and Xcode 12

Question

I noticed that the launch time of my app has increased significantly (it takes a full minute now vs seconds before) since updating my device to iOS 14 and using Xcode 12. I tried several Xcode 12 betas and ran the app in the simulator with no issues, however the public releases seem to bring this issue.

I tested several of my apps and they all face this issue. Running the app again (without Xcode) is instant, even after restarting the device.

To be clear, I'm not talking about build time here, this is the time it takes the app to start after the splash screen shows up and Xcode's status is 'Running on iPhone'

Has anyone else experienced this issue or could it be something related to my machine?