In this paper, we numerically study the mechanism of the oscillatory flow dynamics associated with the tip vortex cavitation (TVC) over an elliptical hydrofoil section. Using our recently developed three-dimensional variational multiphase flow solver, we investigate the TVC phenomenon at Reynolds number $Re = 8.95 \times 10^5$ via dynamic subgrid-scale modelling and the homogeneous mixture theory. To begin, we examine the grid resolution requirements and introduce a length scale considering both the tip vortex strength and the core radius. This length scale is then employed to non-dimensionalize the spatial resolution in the tip vortex region, the results of which serve as a basis for estimation of the required mesh resolution in large eddy simulations of TVC. We next perform simulations to analyse the dynamical modes of tip vortex cavity oscillation at different cavitation numbers, and compare them with the semi-analytical solution. The breathing mode of cavity surface oscillation is extracted from the spatial-temporal evolution of the cavity's effective radius. The temporally averaged effective radius demonstrates that the columnar cavity experiences a growth region followed by decay as it progresses away from the tip. Further examination of the characteristics of local breathing mode oscillations in the growth and decay regions indicates the alteration of the cavity's oscillatory behaviour as it travels from the growth region to the decay region, with the oscillations within the growth region being characterized by lower frequencies. For representative cavitation numbers $\sigma \in [1.2,2.6]$ , we find that pressure fluctuations exhibit a shift of the spectrum towards lower frequencies as the cavitation number decreases, similar to its influence on breathing mode oscillations. The results indicate the existence of correlations between the breathing mode oscillations and the pressure fluctuations. While the low-frequency pressure fluctuations are found to be correlated with the growth region, the breathing mode oscillations within the decay region are related to higher-frequency pressure fluctuations. The proposed mechanism can play an important role in developing mitigation strategies for TVC, which can reduce the underwater radiated noise by marine propellers.