I have a flight scheduled to arrive at 930AM on Easter Monday in CDG and would like to try to catch a 1205 PM to Croatia but would have to exit through immigrations and check back in for the continental flight to Croatia. Would 2.5 hrs (accounting for possible flight delays coming from the USA) be doable to catch the 1205 flight?

It should be but not sure I would want to risk it bearing in mind if you miss it you will have to buy a new ticket.

Who are you flying with? Can the first flight give you the boarding pass for the Croatian flight and transfer your luggage?

Which airlines will you use? Which terminals at CDG do these airlines use? Unlike many airports, CDG does not offer airside transfer facilities. If the two airlines do not have an interline capability and so you can't check your luggage through from the first point of departure and get the second boarding pass from that same first check-in, you may be scrambling to make the second flight.
See these notes on transferring between terminals:
Add processing time at immigration (once to enter France to collect luggage and check in for the second flight and then again to depart because Croatia is not a Schengen destination).
It should be possible, but if the second flight is on a separate ticket and you really have to check in again rather than just going to a transfer desk, you are cutting it pretty close if you are arriving on an intercontinental flight.
However, normally the worst arrival time for people with connections is about 5:30-7:00 a.m. because that is when about 15 giant flights from the United States and Asia arrive when there are not many immigration officials on duty.
I would be arriving at 2A and departing from 2D so it looks like they are not too far apart.
I understand that you are flying with two different air companies /air partners? Do you have registered luggage that you need to pick up and register again or do you have only hand luggage? Certain destinations like Bangkok, Bogotá, etc take more time to deliver the luggage at CDG (more security checks)
You're taking a gamble. Your incoming flight only has to be say 20 minutes late for this to look extremely tight. Make sure you have a plan B.
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