Unable to run wasm in iPhone SE with iOS 14.7.

I have a wasm which is singlethreaded and with SIMD disabled.
It runs on other iPhones but we are encountering a problem that it does not compile on iPhone SE.
The error we get is : RuntimeError: Aborted(CompileError: WebAssembly.Module doesn't parse at byte 92417: "references are not enabled"
I am not able to find why this error comes. This is a debug build with Assertions enabled.

I know Wasm is not wrong because it works on other devices. Any help would be appreciated.
Thanks