Despite some negative reactions regarding technical state of the game, M.A.X. 2 is perfectly playable and can run on Win10 system without crashes, scrolling issues or screen tearing.
The following configuration was tested on several M.A.X. 2 missions that on average lasted more than 40-50 turns and was played in both turn-based and real time modes.

1. Install the game through Steam, browse to where the game is located within your Steam path and copy the whole M.A.X. 2 game folder somewhere outside of Program Files directory (something like C:\Users\<your user profile>\Downloads\Games\M.A.X.2\ should be good).
We won't use original installation package from now on, but it should be kept intact in its initial folder, in case Steam client will try to check and update its folder cache.

1.1 Dissable the Win95 compatibility support for the execution file.
Inside your new game folder find MAX2.EXE, RMB click on it and open file properties.
On Compatibility tab uncheck the Win95 compatibility support and save the settings.

2. Download and unpack 2 patches: 1.3uk patch and 1.4 patch. Put both inside your new M.A.X.2 game folder. First run 1.3uk patch and point the installation wizard to a new M.A.X.2 path where all the game files are located.
After 1.3uk has been installed, launch 1.4 patch installer and do the same.
Links:
1.3uk patch: https://www.maxr.org/popup.php?action=showpost&id=9767
1.4 patch: https://www.maxr.org/popup.php?action=showpost&id=9771

3. Download the latest version of cnc-ddraw and unpack it into your new game folder.
Link: https://github.com/FunkyFr3sh/cnc-ddraw/releases

4. Launch cnc-ddraw from within your game folder and change the following settings:
- Display settings: presentation = borderless, maintain aspect ratio ON
- Advanced settings: Render = Direct3D, Direct3D shader = bilinear, limit framerate ON, Show window borders OFF
- Compatibility: Limit game speed = 1000 ticks/sec
- Close cnc-ddraw (all changes will be saved)

5. Now let's get back to Steam client. RMB click on M.A.X. 2 in your library and open up the properties window.
Add to command line launch options:
"\path\to\new\game\folder\max2.exe" %command%

6. Run M.A.X. 2 from Steam library