Navigating through a menu with only 2 buttons

I have a physical device with a screen and 2 buttons.

This device needs to be able to enter a "settings" menu, which shows different options which can be turned on/off or have a "selection" of 4-5 possible values. The menu can (and probably will) have submenus for organizing / grouping similar options.

I can think of multiple different approaches to handle this, but what I'm looking for is whether there is research / guides on what is going to be accepted, or is "good" from a usability point of view? Are there "negative examples" for such szenarios?