Cannot record video from iPhone on M1 based Macs

[IGPenguin]

I am not able to capture any videorecording on connected iPhone. Recording works as expected using QuickTime.
See the verbose output of videosnap -p High -d "$DEVICE_NAME" "$FILENAME" below:

(caught signal: [2])
(stopping recording)
(finished writing to movie file)
(stopping capture session)

Failed to capture any video
(reason: Cannot Record)

Turns out this is supposedly an issue on Apple side. See https://developer.apple.com/forums/thread/677199?login=true&page=1#692431022