Typical OSB shouldn't be used for soffit material. OSB isn't meant to be exposed to the elements, and it shouldn't be painted in most cases.
You can buy OSB-like soffit products that come in primed/wood-textured 4x8 sheets. It isn't as cheap as OSB but it isn't bad. Meant to be painted, you can cut in vents if you like. You can also get matching pre-cut fascia made from the same material.
Hang it on 32" centers at a minimum. Install extra lookout blocks if necessary.
LP Smartside makes one such soffit product with pre-cut vents.
Vents aren't a big deal in an unconditioned space like a DETACHED garage. Different story for an attached unit.
Don't use sheathing OSB. You'll regret it when it swells and flakes and won't hold paint.