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I have tested it and it has been displayed normally
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.
Works! Testing with game: file version 1.2.0.0, product version 2.1, as installed by GOG today, none of the videos were playing correctly in my system, neither intro nor defeat screens. Audio was fine, but video was absent.

Windows 11, ultra-wide screen.

Installing K-Lite codec pack (from codecguide) worked fine for me. Of the four packs offered, the basic one was sufficient for me.