There is a race condition in the 5.3 OpenXR plugin that causes issues with SteamVR. It has been fixed in 5.4 if I remember right. SteamVR has had updates to the OpenXR renderer recently, so the bug could manifest in different ways than described in the thread.
https://forums.unrealengine.com/t/vr-headset-tracking-lag-with-packaged-version-only/1283529
If that doesn’t help, are there any errors in the log?