Hey there Matter42, thanks for reaching out. We see you are having issues with your Air Link not loading properly in which you are then returned back to the starting hub. I'm sure you are frustrated that it is not working properly, so I will do my best to help you find a viable solution.
First, we would like you to try repairing your Oculus app, this is different then just uninstalling and reinstalling and can help you fix the issue.
To repair the Oculus PC app:
Go to www.oculus.com/setup and click Download Oculus software.
If Windows asks you if you’re sure you want to open this file, click Yes.
If Windows Defender prompts Windows protected your PC, click More info and then click Run anyway.
If your antivirus software restricts the file from opening, temporarily disable your AV and continue.
Please remember to re-enable your antivirus software once you've completed the repair.
Allow the repair process to run, download and install..
Launch the Oculus app.
If this doesn't work, we would like you to ensure that your GPU, Windows, and USB drivers are updated to their latest updates. If an update is required on any of the drivers, please install it and after restart your computer.
This video here details how to update your drivers if you do not know how.
The last solution we'll try for now is to disable a tool in your DebugTool mode. Please navigate to: C:\Program Files\Oculus\Support\oculus-diagnostics\OculusDebugTool. Open the debug tool, click the arrow next to the Asynchronous Spacewarp ‘Auto’, then select ‘Disabled’.
If these steps do not work we can try more advanced troubleshooting steps.