Since all cylinders now show compression readings about equal to your previous best, the timing belt is correctly indexed. If the No.2 cylinder is getting spark, then it almost has to be a fuel injector that is not injecting. Put the tip of a long handled screwdriver onto the metal body of the injector while the engine is idling, and your ear to the plastic handle end - there should be audible clicking noises as it operates. Compare to one or two others.

If it has the same clicking noises as the functioning injectors, it's probably plugged. Not that likely.

If it has no clicking noises there is an interruption in the electrical circuit. (More likely) Remove the connector, check wiring for breaks, inspect for bent/broken/corroded contacts in both connector and injector and reinstall. Detach and reinstall a couple of times to wipe the contacts free of corrosion.

Let us know how that goes.
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Bob: Son's XC70, my 83 244DL, 89 745 (Chev LT-1 V8), 98 S90 (recently sold) and 2010 XC60. Also '77 MGB and four old motorcycles