Good evening. Regarding your question, I recommend performing component testing (rings and valves). I should mention that a compression tester isn't 100% reliable. I would recommend using a cylinder leak-down detector, as it's much more reliable than a compression tester. Also, in my opinion, it's an engine valve problem, either because they're carbonized, which is a common issue. Furthermore, if it's a VVT system and the engine valves are fine, I recommend checking the condition of the VVT unit, as it's responsible for valve overlap and it could be damaged by using an unsuitable oil. Generally, semi-synthetic oil is recommended because it has actuators on the camshafts.
The ECM ignores the oxygen sensor signal during cold engine operation because it's not critical if the sensor is faulty. Additionally, if the glow plug is bad, the ECM could enter protection mode if it detects a fault.
I recommend using a Tech 2 to perform VVT component testing and cylinder leak testing. Also, if you have a very thick oil (20w 50), I would recommend changing it since it is not the right one for that unit and could affect cold starts.