I've been setting up a new M1 MacBook Air with my RN project and have been getting this error in Xcode despite having watchdog installed with homebrew:
+ node /Users/USERNAMAE/RNAPP/node_modules/react-native/cli.js bundle --entry-file index.js --platform ios --dev true --reset-cache --bundle-output /Users/USERNAME/Library/Developer/Xcode/DerivedData/RNAPP-dkmyfsbkdgxjzccgsexwkuiqxsnz/Build/Products/Debug-iphoneos/ReLearn.app/main.jsbundle --assets-dest /Users/USERNAME/Library/Developer/Xcode/DerivedData/RNAPP-dkmyfsbkdgxjzccgsexwkuiqxsnz/Build/Products/Debug-iphoneos/RNAPP.app
warning: the transform cache was reset.
                 Welcome to React Native!
                Learn once, write anywhere
events.js:352
      throw er; // Unhandled 'error' event
      ^
Error: EMFILE: too many open files, watch
    at FSEvent.FSWatcher._handle.onchange (internal/fs/watchers.js:178:28)
Emitted 'error' event on NodeWatcher instance at:
    at NodeWatcher.checkedEmitError (/Users/USERNAME/RNAPP/node_modules/sane/src/node_watcher.js:143:12)
    at FSWatcher.emit (events.js:375:28)
    at FSEvent.FSWatcher._handle.onchange (internal/fs/watchers.js:184:12) {
  errno: -24,
  syscall: 'watch',
  code: 'EMFILE',
  filename: null
}
+ [[ true != true ]]
                 Welcome to React Native!
                Learn once, write anywhere
events.js:352
      throw er; // Unhandled 'error' event
      ^
Error: EMFILE: too many open files, watch
    at FSEvent.FSWatcher._handle.onchange (internal/fs/watchers.js:178:28)
Emitted 'error' event on NodeWatcher instance at:
    at NodeWatcher.checkedEmitError (/Users/username/RNApp/node_modules/sane/src/node_watcher.js:143:12)
    at FSWatcher.emit (events.js:375:28)
    at FSEvent.FSWatcher._handle.onchange (internal/fs/watchers.js:184:12) {
  errno: -24,
  syscall: 'watch',
  code: 'EMFILE',
  filename: null
I tried both Node@16 and Node@14.
