Yes, I know there are a few other threads with the same topic. I tried almost everything listed with no fix. By default, the game process starts in my task manager, but nothing else. No error message or anything. Here's what I've tried:

Delete winmm.dll - Gives an error message, process/game do not start
Change folder name to no spaces - No error message, process begins but no game
Compatibility mode - No error message, process begins but no game
16 bit mode - No error message, process begins but no game
Force it to run in smaller resolution - No error message, process begins but no game
A combination of all the above things - No error message, process begins but no game

I'm using Win10, but haven't updated it in quite a while. That might be the fix, I just want to confirm that there's nothing else to try.

I know this is a late reply, but I've re-installed Call To Power 2 today, and found exactly this problem. One further step I found is to force ctp2.exe to use Windows XP Service Pack 3 compatibility rights, with Admin access.

If that doesn't work, you could try editing your userprofile.txt file so that the following resolution lines are changed to be:

ScreenResWidth=1280
ScreenResHeight=1024

After I had managed to load CTP2 with the fixes you described, I changed the screen resolution in the game Options, and found that I didn't need the graphics compatibility settings in the exe anymore.