Launch Screen not working on iOS 14 with Xcode 12

So here are a lot of good ideas, but I was able to finally solve the issue - it is more like a workaround. I needed to store the picture outside the Images.xcassets folder and then it started to work again. This is a very weird issue.

A work around that seems to be working for me:

For a strange reason if I am downsizing the image then it is working fine. I had a full size image of dimension 2732x2732 and it didn't work. Reducing the dimension of the same image to 2400x2400 is working fine. I have tried with 2500x2500 and 2600x2600 but none worked.

Most importantly, every time I change the image I had to restart the simulator to reflect the updated image.

It didn't work on the real device yet. Like the simulator, I had to restart the device and then only it worked.

Not sure if it is something with the dimension/size of the image or with the reboot.

Further updates:

I uploaded the same build (with smaller image) to TestFlight and installed it on my device (basically updated from the previous version having large size image) and unfortunately the issue persisted :(

Now what I did is uninstalled the app and reinstalled it again from TestFlight. Issue still persisted.

Finally I had to delete the app, reboot my device and install the app again. This is when it worked fine.

A workaround is to use a button with an image instead of an imageview in the launch storyboard. It works like a charm!!