Create hole with path objects

Select All and Alt click with the Shape Builder tool (as Ares suggested) works (group the result).

There are too many objects in the layers panel and I'm still not sure that there aren't any duplicates.

But I believe a better way, for the next task, or for this task is to (always back up the artwork before doing something destructive (or silly) as here):

1) Delete the white paths;

2) Group the two black paths in Layer 5, then move them to Layer 2 (You can cut (Ctrl/Cmd+X), then switch to Layer 2 and paste in front (Ctrl/Cmd+F)), then delete the empty Layer 5;

3) Select the black Group and the black XP path, then apply Minus front/Subtract from shape area);

This ought to give you the proper shape of the XP with counters (holes) as a Compound Path;

4) Perform either of the following or something similar:

4a) Give the Compound Path XP from 3) a white stroke with a Stroke Weight of twice the desired width of whiteness round the blackness, then drag the Stroke down beneath the Fill in the Appearance panel; this will give you a single (compound) path with both fill and stroke;

4b) Select the Compound Path XP from 3)and apply Object>Path>Offset Path with an offset equalling the desired width of whiteness round the blackness; this will give you a filled white (compound) path behind the filled black one from 3).

In over 35 years have solved this issued 1000s of times. Best to remove all groups, compound paths or masks and then try.

• Select the outside XP shape with the soldi pointer , and look inside of appearance. what does it say., Remvoe anything until it says path.
• Select the 2 inside XP shapes, and give itthemany color like orange. this will help you proof your layering si correct. Release any groups, compound paths or masks.
• Select all black and orange shapes. You can now use either pathfinder, or make compound. Teh orange goes away so never matters what color it was.
• I woudl delete the white shapes and stroke your now good XP black shape white 

IMHO it possible to use Shape Builder here? What you think? Did you try?

If nothing works, the OP could select everything and create a Live Paint group with the Live Paint tool. Then fill the two (black) areas with the colour [None] and then dissolve the Live Paint group afterwards.

The two black shapes you have selected in your example image need to be combined with the outer white shape as a Compound Path (Object menu>Compound Path>Make Compound). That's what will make the two shapes knock "holes" through the outer white shape.

And the white is what? a shape? A stroke?

If it's a shape, then you have to make a compound path from the 2 shapes and the white