I have two of these and they work wonderfully. It comes with a pairing guide for specific controllers, and a full list can be found here.
You should use wLaunchELF_ISR over uLaunchELF for better compatibility and functionality.
From the AliExpress page under NOTICES:
- The power supply of some old PS1/PS2 console controller interfaces may not be normal due to some reasons, causing the Mini PS1/PS2 Blueretro converter to not work. In this case, you can use the micro USB port to power the Mini PS1/PS2 Blueretro.
I actually didn't know that's a thing because the adapters work on both my fat models and my slim.