AVMutableComposition not showing frames on simulator but works fine on device

Question

Following is a simple two video merging code using AVFoundation's AVMutableComposition. I use two different mutable tracks for two videos and manage their layer opacity according to time:

import UIKit
import AVFoundation
import AVKit

class ViewController: UIViewController {


  let asset1 = AVAsset(url: Bundle.main.url(forResource: "4k", withExtension: "mp4")!)
  let asset2 = AVAsset(url: Bundle.main.url(forResource: "football", withExtension: "mp4")!)

  let composition = AVMutableComposition()
  let videoComposition = AVMutableVideoComposition()

  let player = AVPlayer()
  var playerItem: AVPlayerItem!

  override func viewDidLoad() {
    super.viewDidLoad()

    let videoTrack1 = asset1.tracks(withMediaType: .video).first!
    let videoTrack2 = asset2.tracks(withMediaType: .video).first!

    let mutableVideoTrack1 = composition.addMutableTrack(withMediaType: .video, preferredTrackID: 1)!
    try! mutableVideoTrack1.insertTimeRange(
      CMTimeRange(start: .zero, duration: videoTrack1.timeRange.duration),
      of: videoTrack1,
      at: .zero
    )

    let mutableVideoTrack2 = composition.addMutableTrack(withMediaType: .video, preferredTrackID: 2)!
    try! mutableVideoTrack2.insertTimeRange(
      videoTrack2.timeRange,
      of: videoTrack2,
      at: videoTrack1.timeRange.duration
    )

    let videoInst = AVMutableVideoCompositionInstruction()
    videoInst.timeRange = CMTimeRange(
      start: .zero,
      duration: CMTimeAdd(videoTrack1.timeRange.duration, videoTrack2.timeRange.duration)
    )

    let layerInst1 = AVMutableVideoCompositionLayerInstruction(assetTrack: mutableVideoTrack1)
    layerInst1.setOpacity(1, at: .zero)
    layerInst1.setOpacity(0, at: videoTrack1.timeRange.duration)

    let layerInst2 = AVMutableVideoCompositionLayerInstruction(assetTrack: mutableVideoTrack2)
    layerInst2.setOpacity(0, at: .zero)
    layerInst2.setOpacity(1, at: videoTrack1.timeRange.duration)

    videoInst.layerInstructions = [layerInst1, layerInst2]

    videoComposition.renderSize = videoTrack1.naturalSize
    videoComposition.frameDuration = CMTime(value: 1, timescale: 30)
    videoComposition.instructions = [videoInst]

  }

  @IBAction func buttonTapped(_ sender: UIButton) {
    playerItem = AVPlayerItem(asset: composition)
    playerItem.videoComposition = videoComposition
    player.replaceCurrentItem(with: playerItem)

    let vc = AVPlayerViewController()
    vc.player = player
    present(vc, animated: true) {
      self.player.play()
    }
  }

}

It works perfectly fine when run on physical device but fails to run on simulator. I tried this with multiple Xcode versions and multiple simulators with no luck. Can anyone help me understand why it doesn't run on simulator? Does anyone else get same issue?