An expression like $2^{\sqrt{\log_2 n}}$ does not simplify to anything nicer.
First, the problem with the attempt in the question is that there is no rule to simplify $(\log x)^k$. We can simplify $\log(x^k)$ to $k \log x$, but there's nothing to be done when we first take the logarithm and then raise the result to a power. In particular, $\sqrt{\log_2 n} \ne \frac12 \log_2 n$. (To make this more obvious, let $y = \log_2 n$; then you are trying to simplify $\sqrt{y}$ to $\frac12 y$.)
We can make some comparisons between $2^{\sqrt{\log_2 n}}$ and other functions in terms of growth rates. More precisely:
- For all $k>0$, no matter how large, $2^{\sqrt{\log_2 n}}$ grows more slowly than $n^{1/k}$: for large enough $n$ (depending on $k$), we have $2^{\sqrt{\log_2 n}} < n^{1/k}$. To see this, take the logarithm of both sides: we get $\sqrt{\log_2 n}$ on one side and $\frac1k \log_2 n$ on the other. In terms of $y = \log_2 n$ again, $\sqrt y$ will be less than $y/k$ provided $y > k^2$; therefore $2^{\sqrt{\log_2 n}} < n^{1/k}$ provided $n > 2^{k^2}$.
- For all $k>0$, no matter how large, $2^{\sqrt{\log_2 n}}$ grows more quickly than $(\log_2 n)^k$. To see this, once again, take the logarithm of both sides: now we are comparing $\sqrt{\log_2 n}$ to $k \log_2 \log_2 n$, or in terms of $y = \log_2 n$, we are comparing $\sqrt{y}$ to $k \log_2 y$.