Unfortunately, ePSXe 2.0.5 will not work on Windows XP.
I am forced to use ePSXe 1.9.25 instead now.
Who still uses Windows XP nowadays? Microsoft no longer supporting Windows XP anymore very long time ago since year 2014, about 8 years ago from now, and even not Vista and 7 and soon also both 8 and 8.1.
In Windows 10 ePSXe 2.0.5 does work but does not feature what an advanced and expert hacker like me needs.
PCSX-Redux is the best for me right now and DuckStation for PlayStation one players, gamers and cheaters, like GameShark users, but not hackers like me.
I believe that ePSXe 2.0.5 should work also on Windows 11 but I don't care because of all what I said above.
If there are programs and applications that work for you on Windows XP only but not on any windows operating system that Microsoft released after Windows XP, like Vista, 7, 8, 8.1, 10 or 11, then you can always use Windows 10 & 11 Hyper-V or Oracle VirtualBox or VMware to run Windows XP and it's programs and applications on any Windows operating system that was released after Windows XP.
I recall that there is Windows XP mode that allowed Windows 7 users to run any program and application that worked on Windows XP but not on Windows 7, but I think that Windows XP mode is for Windows 7 only and Windows 7 is no longer supported since 2020 so also not recommended to move to Windows 7 anymore.
DOSBox-X is a dos emulator but I recall that DOSBox-X has a unique feature to allows the user to install any old windows operating system and run old windows programs and applications there on modern Windows operating systems like 10 and 11. Maybe DOSBox-X can help you run your favorite Windows XP programs and applications on modern Windows operating systems like 10 and 11.
If not then PCem might help you too because PCem is another emulator to run old windows operating systems, programs and applications on modern Windows operating systems like 10 and 11 and also might run your favorite Windows XP programs and applications.
Anyway I don't recommend you to stay on Windows XP because Windows XP is dead since 2014 and it is still dead and will be dead all the time.
Microsoft have no intention to support this old operating system anymore.