It took me many hours of trying to set the project. One by one I was overcoming some difficulties, but I've been stack for 5 hours on this one.
I think it's important to mention that I am developing for Oculus Quest 1 from the MacOS.
My Oculus executable actions are missing when trying to make the first step "Verify Entitles".
I've turned the Oculus Subsystem on, disabled all the other Subsystems. I validated the project for Android platform so the project fires off on the Oculus as expected. I also edited project's file DefaultEngine.ini and added these lines: