This is a two-part fix that requires a new ACV, which has not yet been approved by Apple. If you just install updated tools it will not make Preview on Device start working. We are doing what we can to expedite the approvals process for the new version of ACV.
If you are a Professional or Enterprise customer you can use App Builder to make your own private version of the Adobe Content Viewer that contains the fix without waiting for the public version in the App Store. There is no need to install an updated version of the App Builder client. To create a private build of the Adobe Content Viewer do the following:
Click the New button on the App Builder main screen.
Select iPad and iPhone in the New App screen and click Next.
Select Adobe Content Viewer for the App Type in the App Details screen and click Next.
Provide your developer mobileprovision file and click Next.
Complete the wizard and download the resulting app.
An update will be posted once the new Adobe Content Viewer is approved and listed in the App Store.