NS7 App iOS 14 Simulator no console or trace output

Environment
nativescript has 7.1.0 version and is up to date.
@nativescript/core has 7.1.0 version and is up to date.
@nativescript/ios has 7.1.0 version and is up to date.
@nativescript/android has 7.0.1 version and is up to date.

Node v14.15.2 / NPM v6.14.9
Xcode 12.2
Big Sur 11.1

Mac Mini (M1 2020) Curious to know if my hardware would have an effect on this issue?

Describe the bug
When running an app in the iOS 14 simulator, I cannot see any console.log or Trace.write. If I run a 13.X Simulator I can see

To Reproduce
Create a hello world app using ns create

Run the app in the iOS simulator any device.

app/main-view-model.ts

import { Observable, Trace } from '@nativescript/core';

//...

onTap() {
        this._counter--;
        this.updateMessage();
				alert('tapped'); // Works
				console.log('logged console'); // Does not work
				Trace.write(
					"Trace shown to console",
					Trace.categories.Debug
				); // Does not work
    }

Expected behavior
For the console log and trace messages to show in the terminal that is running ns run ios

As you can imagine this makes debugging projects painful!!

Any insight appreciated.

Start with the hello-world reproduction in app/main-view-model.ts and run ns run ios on iOS 14 and iOS 13 simulators, comparing terminal output. Check the console.log and Trace.write behavior described in the issue; done means both messages appear in the iOS 14 terminal as they do on iOS 13.