Hi there.
I have a different settings for PLA, TPU and PETG so to not fill the message with a lot of screenshots, I uploaded my Orca Configs, you can compare it or import it whatever is best for you.
About runout sensor, based on the code of the firmware it works just by sending a HIGH signal to the printer, thats how I made my DIY Runout sensor that is working as expected, you dont need anything else. The Gcode section of Octoprint are to Pause/Resume jobs and Cancel.
So basically my DIY sensor and as @TechieZebra confirmed also the original one send the signal to the printer, and it raise the runout routine which call M600 macro to change the filament. Will be good to know if you are using the official or another variant, my DIY sensor is just 3 pins and it connects to board connector to get 5V, GND and the Signal. Like this image:
From this Source
You can check the behaviour in this youtube vide which was posted above too.
Hope that helps.