So Oxford’s website is pretty clear about all this.
The undergraduate PPE course is an “AAA” course, which is referring to the required scores on A-Levels:
No subject is listed as Essential, but Maths is Recommended, and History is Helpful.
OK, then for US applicants, they define what that means for AAA courses. In relevant part:
For courses requiring AAA:
Either Four APs at grade 5 (including any subjects required for the course you are applying to)
OR
Three APs at grade 5 (including any subjects required for the course you are applying to) plus a score of 31 or above in the ACT or 1460 or above (out of 1600) in the SAT. We do not require the optional essay for either the ACT or the SAT.
Please note that Calculus AB and Calculus BC cannot be counted as two separate subjects for the purposes of meeting your offer, whether taken as separate tests or by receiving the AB sub-score when taking Calculus BC.
If you are applying for a course that requires Mathematics you should take Calculus BC if you are able to do so. However, courses will accept Calculus AB if you are unable to take Calculus BC.
OK, so you are looking pretty good. You have the basic combination of SAT and 3 AP 5s you need, and likely also could use the 4 AP 5s route if you are right about your recent exams. You have the highest Math AP 5, which is Recommended. If you got a 5 in US History that might be good to be one of your APs, but since History is only Helpful I would not be concerned.
However, Oxford goes on to explain they will require you to submit all of your scores. They explicitly state they require this so that the tutors in your course (who will be choosing whether or not to interview you) get a “complete picture of a candidate’s academic record.”
Personally, I would be skeptical that anyone can truly tell you whether your low Physics score will be a problem for the PPE tutors at Oxford. I personally suspect that is an individual thing, as plausibly some could see it as irrelevant, but some could also wonder if that means your math skills, or high-pressure test skills generally, are not quite suitable for Oxford.
But as a final thought, I assume you know you can apply to a specific college at Oxford, or apply without a preference, but either way the PPE tutors at any college could decide to offer you an interview even if your first choice college does not. So, you just need SOME PPE tutors at SOME college to think you are worth interviewing.
So I would personally say it is worth a shot notwithstanding how individual tutors might react to the Physics score. Because you at least meet their stated requirements for PPE, which means they certainly could give you an interview.