If I open Instruments and select a standard application (e.g. Mail or MS Word) it has no issue. If I am in Xcode and I go to Product > Profile (or press Cmd + I), it launches Instruments, allows me to select a template, and loads the standard screen. Then the downward arrow starts tracing to the right as it should, and the iOS simulator launches the program. However, nothing is plotted in Instruments. It shows no changes to anything no matter what the app is doing. I can't click anything in Instruments: no menu's, can't stop recording, can't open tabs, etc.
I randomly discovered that if I hit Cmd + Tab, Instruments will start behaving normally. This seems really strange to me. Either it's a bug or it's a hole in my knowledge about how to operate Instruments.