Tested also (under Windows 11). I Installed "standard" version and as long as you have "WonderMovies=Yes" in the "userprofile" file in the "/Call To Power 2/ctp2_program/ctp" directory; the wonder movies will now play in game.
Another added bonus is you can use the K-Lite player to run the in-game music at the same time by loading in the "Music" folder (in the same directory place as the "userprofile" file) as a playlist. So if you also have problems getting the game music to run you can do it this way and have both game and wonder movies playing while you play.
Thanks ywchongjing for the tip.