Because people have asked for it, I thought I would supply an example of what I mentioned in my comment above, an immersion of the $3$-sphere into $\mathbb{R}^4$ that has three distinct principal curvatures at every point. I'm sure that this example is well-known, but I don't know, off-hand, an explicit place where it is written up. [When I get back home, I imagine that I'll be able to find such a reference, but it's difficult to do while I'm traveling.]
The simplest example that I know is the following one: Consider $\mathbb{R}^5$ as the space of symmetric $3$-by-$3$ matrices with real entries and trace zero, and let $A\in \mathrm{SO}(3)$ act on $m\in\mathbb{R}^5$ by $A\cdot m = AmA^T$.
If $m_0\in\mathbb{R}^5$ has three distinct eigenvalues $\lambda_1<\lambda_2<\lambda_3$ such that ${\lambda_1}^2+{\lambda_2}^2+{\lambda_3}^2= 1 = \mathrm{tr}({m_0}^2)$, then the orbit $\mathrm{SO}(3)\cdot m_0\subset\mathbb{R}^5$ is a hypersurface in $S^4\subset\mathbb{R}^5$ that has three distinct principal curvatures at each point (as a hypersurface in $S^4$). Since it is also a quotient of $\mathrm{SO}(3)$ by a finite subgroup (of order $4$), and since $\mathrm{SO}(3)$ is, itself, double-covered by $S^3 = \mathrm{Spin}(3) = \mathrm{SU}(2)$, it follows that this hypersurface is the image of an immersion of $S^3$ into $S^4$ with three distinct (constant) principal curvatures.
Now, $S^4$ is conformally flat, and after removing a single point $p\in S^4$ that is not in $\mathrm{SO}(3)\cdot m_0\subset\mathbb{R}^5$, one can find a conformal diffeomorphism $\phi:S^4\setminus \{p\}\to \mathbb{R}^4$. The submanifold $\phi\bigl(\mathrm{SO}(3)\cdot m_0\bigr)\subset\mathbb{R}^4$ is then the image of an immersion of $S^3$ into $\mathbb{R}^4$ that has three distinct principal curvatures at each point.