Since there isn't a correct combinatorial interpretation currently, I have done robjohn's unfinished work of turning their answer into one.
The idea is to use the following:
$$[x^k](1+x)^n = \text{# of ways to choose } k \text{ elements from a set of }n = \binom{n}{k}$$
$$[x^k](1-x)^{-n} = [x^k](1+x+x^2+\cdots)^n = \text{# of ways to express } k \text{ as a sum of } n \text{ nonnegative integers} = \binom{n+k-1}{k} $$
I reiterate here the main steps that will be translated:
\begin{align*}
\sum_k\binom{2r}{2k-1}\binom{k-1}{s-1}
&=\sum_k\binom{2r}{2r-2k+1}\binom{k-1}{k-s}\\
&=\left[x^{2r-2s+1}\right](1+x)^{2r}\left(1-x^2\right)^{-s}\tag1\\[12pt]
&=\left[x^{2r-2s+1}\right](1+x)^{2r-s}(1-x)^{-s}\tag2\\[9pt]
&=\sum_l\binom{2r-s}{2r-2s-l+1}\binom{l+s-1}{l}\tag3\\
&=\sum_l\binom{2r-s}{s-1}\binom{2r-2s+1}{l}\tag4\\
&=2^{2r-2s+1}\binom{2r-s}{s-1}\\
\end{align*}
We give steps $(1)$ and $(4)$ the following interpretations, respectively:
$A$. Given $2r$ numbered balls with indices $i = 1, \cdots, 2r$, assign labels $a_i=0$ to $2k-1$ of them and $a_i = 1$ to the rest. To balls with index $j > 2r-s$, assign a second nonnegative label $b_j$ such that $\displaystyle\sum_j b_j = k-s$.
Here, the $a_i$'s correspond to the term chosen in the $i$-th $(x+1)$ in the expansion of $(x+1)^{2r}$. Likewise, the $b_j$'s correspond to half of the $(j-(2r-s))$-th integer in a list of $s$ nonnegative even integers that sum to $2k-2s$.
$B$. Given $2r-s$ numbered balls, assign starred labels $0\star$ to $s-1$ of them. Among the remaining unlabeled ones, assign labels $0$ to $l$ of them and $1$ to the rest.
This is equivalent to the first sequence of operations given in Brain M. Scott's answer.
The bijection between the two processes are given by steps $(2)$ and $(3)$.
To go from $A$ to $B$, observe that performing the multiplication $(1+x)^{s}(1-x^2)^{-s}$ is equivalent to merging the two indices $a_j+2b_j$ for each $j>2r-s$: call this merged index $c_j$. Note:
$$2r-2s+1 = \sum_{i} a_i + \sum_{j} 2b_j = \sum_{i\leq2r-s} a_i + \sum_{j} c_j$$
Let $l = \displaystyle\sum_{j} c_j$ such that $\displaystyle\sum_{i\leq2r-s} a_i = 2r-2s-l+1$, i.e. there are exactly $s+l-1$ $0$'s among the remaining (unmerged) $a_i$'s.
To go from $(3)$ to $B$, we assign stars$(\star)$ to $s-1$ of the $0$'s such that each $c_j$ is the number of $0$'s between the $(j-(2r-s)-1)$-th and $(j-(2r-s))$-th starred balls, where the first $0\star$ is preceded by $c_{2r-s+1}$ $0$'s and the last $0\star$ is succeeded by $c_{2r}$ $0$'s. The set of unmerged balls gives us the description of $B$.
Now, to go from $B$ into $A$ we simply revert the above process, obtaining the merged labels $c_j$ from the configuration of $0$'s and unmerging them, noting that $a_j$ is determined by the parity of $c_j$.
As an illustration, take $r=9, s=4$.
This is a configuration of $A$ with $k=7$, thus there are $2k-1 = 13$ balls that are assigned $a_i = 0$, and the $b_j$'s sum to $k-s = 3$, denoted as subscripts of $a_j$. The balls have been separated after index $2r-s = 14$ for clarity.
$$1\ 0\ 0\ 0\ 0\ 1\ 0\ 0\ 0\ 1\ 0\ 0\ 0\ 0\ |\ 1_2\ 0_0\ 1_0\ 0_1$$
Merging $c_j = a_j + 2b_j$ yields:
$$1\ 0\ 0\ 0\ 0\ 1\ 0\ 0\ 0\ 1\ 0\ 0\ 0\ 0\ |\ 5\ \ 0\ \ 1\ \ 2$$
Finally, starring the unmerged $0$'s on the left according to the $c_j$'s, we have our configuration of $B$ with $s-1 = 3$ $0\star$'s and $l = \displaystyle\sum_{j} c_j = 8$ unstarred $0$'s.
$$1\ 0\ 0\ 0\ 0\ 1\ 0\ 0\!\star 0\!\star 1\ 0\ 0\!\star 0\ 0$$