Repro:
Results in: error: Exception while running actool: ...
Looks like a bug in Xcode where the deployment target also has to be 11.3 to use ARReferenceImages with asset catalogs.
Fix: Change deployment target to 11.3
Adding a Named color (New color set) to the asset catalog will workaround this error.
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Looks like a bug in Xcode where the deployment target also has to be 11.3 to use ARReferenceImages with asset catalogs.
Fix: Change deployment target to 11.3