With the latest Oculus SDK in Unity 2019.4.11f I get tons of this error message. I have no clue what is causing it. It throws a lot of these and after some time it stops. On Quest 2 in this case sometimes the avatar hands are white as if the texture can't be loaded.
NullReferenceException: Object reference not set to an instance of an object.
OvrAvatarSkinnedMeshPBSV2RenderComponent.InitializeSingleComponentMaterial (System.IntPtr renderPart, System.Int32 lodIndex) [0x00000] in <00000000000000000000000000000000>:0
OvrAvatarSkinnedMeshPBSV2RenderComponent.UpdateSkinnedMeshRender (OvrAvatarComponent component, OvrAvatar avatar, System.IntPtr renderPart) [0x00000] in <00000000000000000000000000000000>:0
OvrAvatarComponent.UpdateAvatar (System.IntPtr nativeComponent) [0x00000] in <00000000000000000000000000000000>:0