It’ll work! It wont have much overhead, but if you’re working to an absolute budget then you’ve got things balanced pretty sensibly. VR will run on it.
My thoughts in terms of changes and first upgrades if you decided to up the budget:
Ditch the Intel m.2 for a Sabrent Q, or even better a samsung 970 evo plus. Intel isn’t the drive to go for at that price range IMO just looking at R/W speeds.
If you can find a good price for an X570 board, worth going for as it’ll take full advantage of the PCIe 4 on the 5000 series chips. B550 is fine and does have basic PCIE 4 support though.
First big upgrade, and do this if you can stretch to it - get a 5800x.
FS2020 VR is CPU hungry as much as GPU hungry and every FPS counts in VR!
Second upgrade would be to an RTX 3070. The 3060 TI will be fine, a 3070 will be good, 3080 will be great etc. etc. its just an endless pit of money. Get the best 30xx you can afford and you’ll be happy, there’ll be new cards out in a year anyway.
If it helps, I was in exactly your shoes with exactly your budget in November. After much research I decided it was worth saving for a few more months and last week I finally built the PC with this spec:
CPU: AMD Ryzen 7 5800x
GPU: MSI RTX 3070 Gaming X Trio
Mem: 32GB (2x16GB) Corsair 3200 MHz
Storage: 500GB Samsung 970 Evo NVME M.2
MoBo: Asus X570 Tuf Gaming Plus
Cooler: Corsair H100x
PSU: Corsair RM750x
Case: NZXT H510
It cost me £1750, but I’m glad I spent the extra. I’m still CPU limited but the GPU is running at 80-90% so its all stretching its legs nicely.
I now only play FS2020 in VR, very happy. Just finished a 2 hour flight in the Citation Longitude!
Hope that helps. Its a tricky business this VR malarkey!
Edited to correct what I paid (initially said £1700) and suggest an X570 MoBo