LibRetro, the developers behind the popular Retro Arch emulator, have added a PS2 core based on the PCSX2 emulator. This core was recently added to the UWP version of Retro Arch, which can be loaded onto the Xbox Series S. While performance isn't perfect, many titles run smoothly with minimal problems.
https://www.notebookcheck.net/Emulation-developers-show-off-PlayStation-2-games-running-on-Xbox-Series-S.506794.0.html