Upgrade to SDK 39.0.0 is not working on physical device

🐛 Bug Report

Summary of Issue

expo app not working after upgrade

expo --version
3.27.7

expo mobile app is latest available version: 2.16.1

I tried running multiple options including clearing cache (~/.expo/cache) and also by starting app with SKIP_CACHE=true expo start

Environment - output of expo diagnostics & the platform(s) you’re targeting

expo diagnostics

Expo CLI 3.27.7 environment info:
    System:
      OS: macOS 10.15.6
      Shell: 5.7.1 - /bin/zsh
    Binaries:
      Node: 14.5.0 - /usr/local/bin/node
      Yarn: 1.22.4 - /usr/local/bin/yarn
      npm: 6.14.8 - /usr/local/bin/npm
      Watchman: 4.9.0 - /usr/local/bin/watchman
    Managers:
      CocoaPods: 1.9.3 - /usr/local/bin/pod
    IDEs:
      Xcode: /undefined - /usr/bin/xcodebuild
    npmPackages:
      expo: ^39.0.0 => 39.0.2 
      react: 16.13.1 => 16.13.1 
      react-dom: 16.13.1 => 16.13.1 
      react-native: 0.63.2 => 0.63.2 
      react-native-web: ~0.13.7 => 0.13.13 
    npmGlobalPackages:
      expo-cli: 3.27.7
    Expo Workflow: bare

package.json

   "expo": "^39.0.0",
   "expo-font": "~8.3.0",
   "expo-linear-gradient": "~8.3.0",
   "expo-splash-screen": "~0.6.1",
   "expo-status-bar": "~1.0.2",
   "expo-updates": "~0.3.3",

Reproducible Demo

Steps to Reproduce

Expected Behavior vs Actual Behavior

[brentvatne]

and now if you load your project from there it should work

[vishalrajole]

here, it shows SDK version 39