As you wrote,  %XML.TextReader is used to read arbtrary XML documents. "A text where in the middle a little bit xml-structure sits" isn't XML!

Maybe there is a Pyhton library for extracting XML from a text. If not, probably you have to read char-after-char, count each "<" (+1) and ">" (-1) and if the counter is 0 then between the first "<"  and the last ">" probably you have a correct XML structure. Oh, and don't forget for <![CDATA[...]]> sequences, which makes the reading more challenging.

Just came to my mind
- Cache-5.0.x is likely to be 32 Bit version, Win-11 is 64 Bit (only) (in case, the application uses some .dll, .ocx, etc.)
- unlikely that you use it, but as a hint, LAT is not supported anymore
- user database is now provided by ISC. In case your application maintains its own users, you can still use your own user database, but the login process will require some "adaption"

As a first step, I would contact your ISC Sales because Cache-5.0.x licenses neither work with (the latest) Cache nor with IRIS. Second, there was a lot of change between Cache-5.0.x and recent Cache/IRIS versions, so I would check to see if there are any problems to expect. A customer of mine "upgraded" fom Cache-5.0.21 to IRIS  some four years ago...

I'm not sure wha you want to achive, so I ask a puzzling question: do you want to create dungling object? "I want to remove the object from memory even if it is still referenced in memory", as I understand, would free the memory used by an object but let the object referenc(es) intact, so the reference now would point into nirvana. Is that what you want to do? Why? Can you a little bit elaborate, what is your target or the background respectively?

If you process thousands of time splits,  it's a good idea using %List or just a simple %String instead of JSON - you can have a time savings by factor of about 10!

/// old line
set res=[]
for t=t(0):int:t(1) do res.%Push($zdt(t\86400_","_(t#86400),3,1))
quit res

/// new line
set res=""
for t=t(0):int:t(1) set res=res_$lb($zdt(t\86400_","_(t#86400),3,1))
quit res

/// or
set res=""
for t=t(0):int:t(1) set res=res_","_$zdt(t\86400_","_(t#86400),3,1)
quit $e(res,2,*)

To see the differences, try loops like this

/// with JSON
s h=$zh f i=1:1:1E5 { s r=[] f j=1:1:10 { d r.%Push("abcd") } } w $zh-h,!

/// with %List
s h=$zh f i=1:1:1E6 { s r="" f j=1:1:10 { s r=r_$lb("abcd") } } w $zh-h,!

/// with %String
s h=$zh f i=1:1:1E6 { s r="" f j=1:1:10 { s r=r_","_"abcd" } } w $zh-h,!
/// start, end: timestamp format
/// int       : the interval in seconds
/// mod       : 0 = use the time value as is
///            +1 = round-up the timestamp to a multiple of <int>
///            -1 = round-down the timestamp to a multiple of <int>
///            
/// return an JSON array: [time1, time2, ... timeN]
/// 
ClassMethod Intervals(start, end, int = 15*60, mod = 0) As %DynamicArray
{
    set res=[], t(0)=$zdth(start,3,1), t(1)=$zdth(end,3,1)
    
    for i=0,1 {
        set t(i)=t(i)*86400+$p(t(i),",",2) 
        if mod,t(i)#int { set t(i)=t(i)-(t(i)#int) set:mod>0 t(i)=t(i)+int }
    }

    for t=t(0):int:t(1) do res.%Push($zdt(t\86400_","_(t#86400),3,1))
    quit res
}

You can edit (or enhance) the above code to give you all matching elements. Below I share a code with you where you can choose the result data type (%List or %String) and the result scope (all the matching elements or just the first match).

/// Find common items of two lists or in two delimited strings
/// (as used in a $piece-function)
/// 
/// itm1: first list (as %List or comma-delimited %String)
/// itm2: other list (as %List or comma-delimited %String)
/// ans : 0 = return a comma-delimited %String with the first match found
///       1 = return a comma-delimited %String with all matches found
///       2 = return a %List with the first match found
///       3 = return a %List with all matches found
///       
/// return value: according to <ans> argument
///       
/// Hint: the "$d(var)," part is only needed if the <itm1> argument is
///       of %List type and can contain an "undefined" element like the
///       second element in $lb(11,,33).
///       
ClassMethod FindCommonItems(itm1, itm2, ans = 0)
{
    set ptr=0, res="", all=ans#2
    set:'$lv(itm1) itm1=$lfs(itm1) set:'$lv(itm2) itm2=$lfs(itm2)
    
    while $listnext(itm1,ptr,val) { if $d(val),$lf(itm2,val) { set res=res_$lb(val) quit:'all } }
    quit $s(ans<2:$lts(res), 1:res)
}

In general, $extract() and $zstrip() are your friends.
If you want to strip ONLY the LAST character, then use this

set data="abc,,"
set $extract(data,*)=""
write data --> abc,

If you want to strip ALL (same) trailing characters, use this

set remove=","
set data1="abc,"
set data2="abc,,,"
set data3="abc,,-,,"
set data1=$zstrip(data1,">",remove)
set data2=$zstrip(data2,">",remove)
set data3=$zstrip(data3,">",remove)

write data1 --> abc
write data2 --> abc
write data3 --> abc,,-

If you know which record is locked (i.e. ^My.Global(123) ) then you can identify the locking process (and therefore the user) in a simple method

Class DC.Lock Extends %RegisteredObject
{
/// For a given (global) reference
/// return the (exclusive) locking processID and username
/// 
/// ref: a global reference, for example: $name(^My.Global(1,2,3))
/// 
/// For other lock types (shared, remote)
/// use the infos obtained by info_types OWNER, MODE, FLAGS and COUNTS, see
/// https://docs.intersystems.com/irislatest/csp/docbook/DocBook.UI.Page.cls?KEY=RCOS_slock
/// 
ClassMethod Who(ref)
{
    if ^$LOCK(ref,"MODE")="X" {
        set pid=^$LOCK(ref,"OWNER")
        if pid {
            set job=##class(%SYS.ProcessQuery).%OpenId(pid)
            quit {"pid":(pid), "usr":($s(job:job.UserName,1:""))}
        }
        
    } else  { quit {} }
}
}

For example:

set ref=$name(^My.Global(123))
lock +@ref:1
if '$test {
    // in case, the node is locked,
    // check up, by who is the node locked
    set who=##class(DC.Lock).Who(ref)
    write who.%ToJSON() --> {"pid":"2396","usr":"kav"}
}

the above approach ist the right way. And I do not see any problem there:

First, in the very first line (of the question) it's stated: "I need to develop a tool ... what data is being consumed by a certain process, ... to build an automated test scenario.", which means, this will be used during a development and/or test phase to gather informations about the touched globals (for automated tests). So the performance is not an issue.
 
Second, the suggestion of Paul Waterman can always run, assuming the process runs with the required right and flag. One can always provide the required conditions.