I just profiled the app using Product -> Profile in Xcode, and that opened up Instruments with the target. The target was the Unix executable under Derived Data -> MyApp -> Build Products -> Release-iphonesimulator -> MyApp.app -> MyApp unix executable.
Also, while using KIF, I had enabled accessibility labels for some views in the storyboard. While running the automation tests in Instruments, the app seemed to somehow consider the views which had the accessibility labels set as one single element and could not access sub-elements on this view. In order to run with Instruments, I just disabled the accessibility labels for the views and it worked like a charm again!