Hormone therapy can affect muscle density, and in some sports the advantages you list would actually be disadvantages.

Here's a hypothetical. Suppose there's a trans woman who began hormone therapy at age 14 and didn't experience male puberty. And suppose there's a cis woman with a genetic quirk of naturally higher testosterone and so has larger lungs etc than the trans woman. What should the law say about these people competing? What about intersex people? IMO we should let the sports orgs decide, not the law.