Thanks for this post, Eagler. I had the same problem with my Quest 3 unable to start Link and stuck in an update loop. The instructions in the link worked, and I have also set up an Outbound Rule in Windows Firewall to block OculusDash.exe. I was about ready to try a factory reset so I'm glad I ran into your post.
Boy, the people on Reddit sure don't think much of Meta. I guess must be well deserved. I wonder if Meta laying off so much of its VR staff last week had anything to do with the bad update?