xcode 11.4 does not work on new m1 mac Big Sur(11.2.3)

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I am not able to open Xcode 11.4 in Mac OS 11.2.3 M1. Always get this error: The version of Xcode installed on this Mac is not compatible with macOS Big Sur. Download the latest version for free from the App Store.

Xcode 12.x works properly for me. Is Xcode 11.x not allowed in M1 mac?

Xcode 11.4 opens if i try to start from "/Applications/Xcode.app/Contents/MacOS/Xcode" but then simulator gives other error.

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