For anyone reading this in the future with a similar issue after an Oculus update - I managed to solve my problem through this post
Lately, any time I get poor tracking errors in Oculus Home, I check Windows Update and there's a cumulative update I need to install. I do the update, reboot, and everything is back to normal. Today, it happened and instead of checking Windows Update, I tried rebooting and it didn't fix the issue. I ran Windows Update and voila! All fixed!
Now back to reinstalling 70 gigs worth of software..