My feeling is that if there was an unfair advantage due to hormones or genetics, or would seem unfair to peak athletes. However, there appears to be none or minimal. It seems that most elite athletes have genetic or other advantages is some way, as you alluded to with racial differences.

However, that aside, when we look at the purpose of sport, fun, exercise, community, human achievement; the exclusion of trans people undermines that and disappoints far more people. So for me, it’s a no brainer. Inclusivity wins out as that’s what protects the most kids (and people) from harm.