Yup, i can confirm this. 20 minutes is all you need and mostly it is waiting for the software to download and install. If you launch Elite from the Launcher or Steam, which i assume, as you don't have Oculus Home yet, make sure to enter the Oculus Home settings and allow external applications to link with the headset.
To set up Elite for VR, go to the graphics settings and select "HMD and Headphones" from the options and then restart Elite. From now on, it launches directly in the Rift. You can switch back at any time, which won't be worth talking about, after sitting in any cockpit for a minute or two
Graphic settings strongly depend on your system, but as the Rift-S is less performance hungry than the original Rift CV1 or the Vive, you will be in the green zone in no time. Just make sure to start low and work up, not the other way around.
One other thing essential for VR: if you experience nausea, stop immediately and pause for an hour or two. This might not be satisfying at first, but it will get significantly better within a few days. If you try to fight through the nausea, which will not work, you might train your brain to reject VR experiences in general and get dizzy from minute one all the time.
And to say something about Elite and VR... i stopped playing any game on a monitor, the day i got my first VR headset and fired up Elite. It totally ruined playing "normal" games for me, as the experience you will have is so mindblowing, it cannot be described with words or ingame videos. Depths perception, freedom of head movement and the total abscence of any external interference is such a game changer, that there is hardly a way back. Experiencing the ships of Elite in their full size and actually "being there" is incredible. To date, i havent found a single game in VR that is as immersive as Elite on a long term. I hadn't a single session without a wow in the past 3 years. If you want my opinion, just do the jump to VR. Worth every single cent.