Just a wild uneducated guess but maybe go to nvidia control panel 3d settings and turn vsync off and also maybe in your iRacing settings. Also you may want to temporarily uninstall iRacing. If it still disconnects/reconnects try a diff usb port. Probably best to start a ticket with Oculus support. They are usually very helpful imho. They will probably suggest you download the Oculus app again and select Repair.
Maybe also try using the latest nvidia drivers. I'm using 398.82 and it seems to work well for myself and others.
9 9900k, rtx3090, 32 Gb ram, 1tb ssd, 4tb hdd. xi hero wifi mb, 750w psu, Q2 w/Air Link, Vive Pro