An Xcode project is a description of source files, resources, targets, and build settings. A target defines one product that Xcode can build, such as an iOS app or a test bundle. A scheme selects targets and actions for operations such as Run, Test, Profile, Analyze, and Archive.
The starter SwiftUI project is intentionally small. Its app file provides the entry point, ContentView describes the initial interface, the asset catalog stores named visual resources, and test targets keep verification code separate from production code.
The folders you see in Xcode help humans navigate the project. Target membership and build phases determine whether a file is actually compiled or copied into a particular product.