Failed to render instance of IB Designables

Finally, I solved this issue by adding $(CONFIGURATION_BUILD_DIR) in the target’s build settings’ Runpath Search Paths field.

Plus, there are some additional steps you might need to do with your Xcode.

1. Clear Xcode derived data for the project. They are in ~/Library/Developer/Xcode/DerivedData
2. Clean your current build by pressing ⌘⇧K
3. Build your project
4. In storyboard go to Editor menu and do Refresh All Views; wait for build to be completed and errors should be gone

Credit to @Mojtaba