Robert,
Comparing the log files, the first six lines seem to be as expected, but:
Lines 7 & 8 of the Win10 log indicate that your Profile is defined to use the LocoNet Simulator:
2018-12-01 09:20:17,828 loconet.LnPacketizer INFO - lnPacketizer Started [main]
2018-12-01 09:20:18,000 hexfile.LnHexFilePort INFO - LocoNet Simulator Started [LocoNet HexFileFrame]
but the WinXP log shows several problems at Line 7:
2018-12-01 09:22:34,857 loconet.LnPacketizer WARN - xmtHandler.notify() npe [LnPowerManager LnTrackStatusUpdateThread]
thus far, I have not figured out how to duplicate this, but my first suspect would be that your Profile has an invalid selection in the "Connections" entry.
The presence of the Null Pointer Error noted by the text "npe" is puzzling, but that is not of your doing.
First it would be useful to investigate what the WinXP Profile has defined for the Connections. Use the menu item Edit -> Preferences to get to the "Connections" Tab.
Much more importantly, when I transfer the club Panels between my laptop and the club computer, I never try to copy only a single Panel file. ALWAYS always, the entire Profile folder is copied (often renamed for protection) and then start PanelPro and immediately use the menu item Edit -> Preferences and scroll down to the "Config Profiles" item on the left edge. Once there, click on the "Add Existing" button at the bottom of that Tab. Then find the folder that you have just copied. Finally wait for the pop-up dialog and click on the "Restart Now" and once the panels are reloaded then tweak the Preferences as needed.
For the club, this method has the advantage, that if there is something in the revision that I have messed up, it is very easy to revert back to the previous profile.
Cliff