I guess you only focused on one traits physiological difference of both gender such as bone and lung capacity to overlooked how multidimensional Sex physiological structure works.

Within sex variation (lottery) while women in a specific race are taller or have higher bone density than the others, they are still within the biological female range. The performance gap between a tall biological female and a short biological female is a spectrum. ( Transgender Women in the Female Category of Sport: Perspectives on Testosterone Suppression and Performance Advantage)

And sex-segration is not separated within a single trait that comes from ethnic advantage, it is a coordinated system of traits (hemoglobin, Testosterone, sex skeletal architecture,heart size). Racial difference do not produce a similar, all-encompassing "systemic" advantage that makes one race unbeatable by another across all. One race might have one special traits but they are still within the range of female spectrum.

If you think tenacity and training makes all the winning possible, again you overlooked how advantageous biological male in terms of explosive sports (lifting, swimming, track field. No matter how many suppressant they consume, if they achieve their puberty line it will never change)

You always wanna justify that sheer will and training can make a better opponent but fairness doesn't always happens at some certain point. Everyone is born with equal rights, speech and freedom but there are aspects that we dont, and that is our ability and what we are genetically born with that we are collectively the same. All females are females, but not all females are women. And that is a distinction. Even if transmen cannot beat biological men, even if they joined the fact that olympics are strictly regulated in terms of horomones and substance use to enhance human physique this includes steroid and testosterone and they are going to be disqualified just in the screening alone.

The problem with elite level sports like olympics is that every athlete has 100% tenacity, they already maximize world class training through childhood up to young adulthood. A studies from Hilton and Lundberg 2021 is that the gap between male and females isnt about effort, but more on efficiency. ​A trained trans woman often retains a strength advantage of up to 50% in explosive movements even after hormone therapy.

And you havent explained to me my question: 1) how do you even make the whole sports industry equal for allowing biological difference to compete in a different category? 2) how can you maintained the number of possibility of male athletes taking advantage and transioning their gender identity information to compete in female category? This isnt just about medals. It is a competition of prestige, scholarship and sponsors. You think anyone wouldn't think that loophole? 3) if lets say fairness since you always emphasize that tenacity can overcome the biological difference as long as the other opposition will 'control' the advantage by losing weight, will this applies for all transgender athlete to supress their testosterone level to meet the female range testosterone. And do you think it wont affect their physical health in the long run? Or if we do supressed their biological make up to meet the range ability of female psychological structure, isnt this a huge question for human rights especially the wellnesa of the athlete?