One of the many such problems is
Timeout waiting for modules to be invalidated
iOS in react-native supports debug over wi-fi by default. So, it is absolutely necessary to connect your MacBook and iPhone with the same wi-fi network.
So if you're getting this error, so just turn on the wi-fi in your iPhone device and connect to the same network as your MacBook, cheers 🥂 the error will go away now :)