Hello there @Boxer_Khoury_ttv!
Welcome to UE! Since you are getting started in your VR project, my first suggestion would be to review the basic setup for Varjo, as well as coverin the performance settings for best use, as seen in the guides below:
As for the specific issues you are encountering, try tweaking the Exposure in Post Process Volume. Also, if your scene is using Lumen, try switching to Screen Space Global Illumination:
And for the blue box, that sounds like Varjo’s gaze overlay, you should be able to disable that Varjo itself, or from its UE blueprint, called Eye Tracking Debug Visualization. Hope this helps!