If you’re using the VR template in 4.27 or UE5 you don’t have to change the plugin settings, but you have to make sure that you set the appropriate runtime. The easiest way to do this is to use OpenXR explorer: GitHub - maluoi/openxr-explorer: A cross-platform OpenXR capabilities explorer and runtime switcher with a CLI and GUI.
If you have an Oculus device, you should set your runtime to Oculus. If you have a SteamVR device (Vive/Index, etc), set it to SteamVR.
While SteamVR does support Oculus devices, it’s not the preferred path and can lead to issues.