iOS simulator runtime not found on M1 stack

When attempting to run an iOS simulator with the Xcode Test for iOS Step, you get the following error:

An error was encountered processing the command (domain=com.apple.CoreSimulator.SimError, code=401):
The iOS 13.7 simulator runtime is not available.
liblaunch_sim.dylib could not be opened
Try reinstalling Xcode or the simulator runtime.
Underlying error (domain=NSPOSIXErrorDomain, code=86):
        The operation couldn't be completed. Rosetta is required but not installed
        Rosetta is required but not installed

Try adding a Script Step that lets the build 'sleep' for 30 seconds before the Xcode Test for iOS Step. Just add the following command to the Content input of the Step:

sleep 30