That mental model of a Zener diode is slightly too simplistic. A Zener diode isn’t a simple switch. In all operating regions it has shunt capacitance. With “small” reverse bias voltage, it is a soft voltage-controlled current source. In active state, it’s a voltage source with nonlinear internal series resistance (ESR).
The active state means reverse bias current above some minimum, say 10uA or more.
The shunt capacitances of the resistors are much smaller than that of the diode and can be ignored unless you’re looking at the behavior of really tiny Zener diodes at frequencies past 1GHz.
When the circuit is turned on, the diode is inactive, and acts like a capacitor. It starts to charge through R1, with a bit of current shunted away via R2.
Once the diode charges enough, it becomes “mildly conductive” as the operating point passes through the knee of the I-V characteristic curve. The diode begins to act like a progressively smaller resistor in parallel to R2, or like a very soft voltage controlled current source.
Once the diode enters the active region, it starts to act like a voltage source with nonlinear (“stiffening”) series resistance. The more current you push into it, the lower the voltage gets, although the behavior is nonlinear, so the rate of voltage change drops as the current grows. The ESR “stiffens” or gets progressively smaller with growing current, up to a certain point.
So, in general, assuming no lead inductances, there’s no oscillation. As the voltage on the diode capacitance grows, so does the current, until an equilibrium is reached.
Also: real Zener diodes won’t take kindly to 1 ohm series resistance. Compared to typical Zener series impedance, 1 ohm is a short, and the diode is driven hard. You’ll quickly exceed the package dissipation limits.
For stable voltage, a Zener needs a fixed current source as a load - typically in the 5-15mA range, depending on the diode. A resistor driven from a fixed voltage can do this job, but current sources are the best for this purpose. They have infinite impedance, and there’s no interaction between that impedance and the Zener’s series impedance. The Zener series impedance depends on the current only, so you end up with a pretty good voltage source with a series resistor driven by a fixed current.