I resolved the issue by downloading the mpv-1.dll file from the OFS-64x_9c93e078358e33d4a0c8aef46cbaa01371d7cb77.zip archive (version 2.0.0) available at:(https://github.com/OpenFunscripter/OFS/releases/tag/2.0.0)
I then deleted the existing mpv-2.dll file and renamed mpv-1.dll to mpv-2.dll. After these steps, the program launched successfully. 
This solution has been effective for others experiencing similar issues. For instance, a user reported that after upgrading from Windows 7 to Windows 10, they copied the mpv.dll from OFS 2, installed OFS 3.2, renamed mpv-2.dll to mpv-2.dll.old, copied in the old mpv.dll, renamed it to mpv-2.dll, and it worked without crashing.
Additionally, it’s worth noting that some users have experienced excessive CPU usage due to mpv.dll. In one case, a user reported high CPU usage when opening 8k 60fps footage in OFS 1.1.9 and OFS 1.3.0, which was attributed to mpv.dll.
Therefore, replacing the mpv-2.dll file with an older version, such as mpv-1.dll, can help resolve issues related to program crashes or high CPU usage.