I also tried my partners iPhone 13 Pro as well and it hangs as well into the connecting phase and results in exact same logs:
Sun Jan 14 18:58:11 2024 kern.info kernel: [ 2888.831330] usb 1-1.3: new high-speed USB device number 9 using xhci-mtk
Sun Jan 14 18:58:11 2024 kern.info kernel: [ 2888.946915] ipheth 1-1.3:4.2: Apple iPhone USB Ethernet device attached
Sun Jan 14 18:58:11 2024 daemon.notice netifd: Interface 'tethering' is enabled
Sun Jan 14 18:58:11 2024 daemon.err usbmuxd[10591]: [18:58:11.628][3] Connecting to new device on location 0x10009 as ID 5
Sun Jan 14 18:58:11 2024 daemon.err usbmuxd[10591]: [18:58:11.628][3] Connected to v2.0 device 5 on location 0x10009 with serial number 00008110-001C0DE43AC1401E
Sun Jan 14 18:58:13 2024 user.warn : skip line without '=' Default
Sun Jan 14 18:58:13 2024 user.warn : skip line without '='
Sun Jan 14 18:58:13 2024 user.warn : skip line without '=' Default
Sun Jan 14 18:58:13 2024 user.warn : skip line without '='
Sun Jan 14 18:58:13 2024 user.warn : skip line without '=' Default
Sun Jan 14 18:58:13 2024 user.warn : skip line without '='
Sun Jan 14 18:58:13 2024 user.warn : skip line without '=' Default
Sun Jan 14 18:58:13 2024 user.warn : skip line without '='
Sun Jan 14 18:58:13 2024 user.warn : skip line without '=' Default
Sun Jan 14 18:58:13 2024 user.warn : skip line without '='
Sun Jan 14 18:58:13 2024 user.warn : skip line without '=' Default
Sun Jan 14 18:58:13 2024 user.warn : skip line without '='
Sun Jan 14 18:58:13 2024 user.warn : skip line without '=' Default
Sun Jan 14 18:58:13 2024 user.warn : skip line without '='
Sun Jan 14 18:58:13 2024 user.warn : skip line without '=' Default
Sun Jan 14 18:58:13 2024 user.warn : skip line without '='
Sun Jan 14 18:58:13 2024 user.warn : skip line without '=' Default
Sun Jan 14 18:58:13 2024 user.warn : skip line without '='
Sun Jan 14 18:58:13 2024 user.warn : skip line without '=' Default
Sun Jan 14 18:58:13 2024 user.warn : skip line without '='
Sun Jan 14 18:58:19 2024 daemon.notice netifd: Network device 'eth2' link is up
Sun Jan 14 18:58:19 2024 daemon.notice netifd: Interface 'tethering' has link connectivity
Sun Jan 14 18:58:19 2024 daemon.notice netifd: Interface 'tethering' is setting up now
Sun Jan 14 18:58:19 2024 daemon.notice netifd: tethering (26970): udhcpc: started, v1.33.2
Sun Jan 14 18:58:19 2024 daemon.notice netifd: tethering (26970): udhcpc: sending discover
Sun Jan 14 18:58:20 2024 daemon.err usbmuxd[10591]: [18:58:20.521][3] Removed device 5 on location 0x10009
Sun Jan 14 18:58:22 2024 daemon.notice netifd: tethering (26970): udhcpc: sending discover
Sun Jan 14 18:58:25 2024 daemon.notice netifd: tethering (26970): udhcpc: sending discover