In theory, app updates are meant to bring bug fixes and performance improvements, as well as new features. Unfortunately, for all the fixes added, updates tend to sneak in at least a few bugs as well. That’s unfortunately what appears to be happening with the latest version of the Oculus app for Samsung devices.
A number of Redditors have been complaining about poor battery life that started around last night, when the new update arrived. I actually noticed this myself, as I left my Galaxy S7 Edge off the charger last night to wake up with it much lower than it typically would be when left off the charger overnight.
From the sounds of it, the problem sorrounds the new Oculus Rooms addition to the app, with the Oculus VR app getting stuck in an installation loop that continuously downloads and reinstalls the app. While a new update is probably not too far off, it is probably not a bad idea to uninstall Oculus VR (or at least disable it) in the meantime.