Same here. intel i7 with an RTX3080 12G vram, 32G ram Oculus Quest 3...
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Just ran this last night on an Oculus Quest 3. Make sure Steam and SteamVR are not running and only the Oculus app is running. In the Oculus app settings, make sure OpenXR is set to "Oculus" (not SteamVR). If you're running on Windows 11, right click .exe file and set compatibility mode to Windows 10.