Check compression gauge on another engine or air compressor.
Engine can't start under 100psi compression.
Liquid gasoline won't burn, yes the movies get that wrong, lol.
Only gasoline Vapor will ignite and burn.
Compression is HEAT, when you compress the air and gasoline in the cylinder it heats up and that vaporizes the gasoline enough for a spark plug to ignite it.
So low compression means low heat, and since gasoline is NOT being vaporized by compression heat most stays in liquid form so engine is flooded fairly quickly.
What is the history of this 2.3l engine?
1995 Timing marks here: timing mark on a ford ranger 2.3 engine year 1995
Spark at 12deg BTDC would be right for starting, but that is from the Crank sensor, so timing belt being off wouldn't effect that either way.
I would recheck the timing marks, if they are good and compression gauge is good then engine needs an over haul, burnt valves or very very bad rings
1995 2.3l should have 160+ PSI compression, closer to 175, it has 9.4:1 compression ratio