By default Xcode stores all derived content from a build in a subfolder of
~/Library/Xcode/DerivedData. If you would prefer to use a subfolder of your project instead you can do so using Xcode’s preferences. The Locations section shows the current destination, and can be switched from Default to Relative to get the behavior you were expecting (or Custom to put it somewhere else altogether.) You can further customize these with options available by pressing the Advanced… button.
Xcode Runtime Analysis Tools
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