I would simplify the input to open the settings menu in VR, there's no way to guess Grip + X would open it.
Like me, a lot of people won't probably read the whole description or read the Controls.txt before jumping into the game so, yeah, I would make things simpler, specially for VR games.
What about just pressing either A, B, X or Y? Are you reserving all of those buttons for something else? If not, I encourage you to change the binding to just be one button.
That being said, the game looks interesting, I'll give it another shot!
P.S: In case this is relevant, I was playing the PC version via Quest Link.