I hit the same issue.
Seems to be a general Android issue that is new for UE5.1, not specific to Oculus.
This worked for me:
In Settings / Android SDK
SDK-API should be the Target SDK: android-33
NDK-API should be the MIN SDK: android-29 <<<<<<<
For 5.03 you can leave that blank, or lastest.
For 5.10, you need to set that NDK-API to the Min SDK, and, you need to enter it as “android-29” ( without the double quotes! )
The Quest runs on Android 10, SDK 29
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