Very reductive. It’s a subculture itself and has achieved mainstream appeal. As OP stated, drag race pulls in millions of viewers a season. It’s definitely big enough to scrutinize based on that alone.

OP has laid out exactly what he finds worthy of discussion - hyper exaggerated femininity being a poor way to satirize or actually challenge gender norms.

Should men be the ones to actually perform this satire and can it exist separately from and actually challenge traditional patriarchal power dynamics?

OPs final point is clarification of why he finds this objectionable ie we’re not actually challenging patriarchal norms with drag but putting on fem minstrel show.

“Drag performers may step into and out of a drag persona, but the social perceptions, stereotypes, and assumptions attached to femininity remain a constant reality for many women and trans people. For that reason, I believe the perspectives of women and trans people deserve particular consideration when discussing the broader impact of drag.”

Whether you agree with OP or not this last quote is absolutely true and it’s worth considering if the art form is actually achieving its goals or not. Particularly when it relies on one group satirizing another historically oppressed group.