I dislike drag.
I think it is disingenuous to say that dresses aren't 'inherently' for women. In 21st century Western culture, yes, these are articles of clothing worn almost exclusively by women. Men who wear dresses are extremely rare. When a bunch of schoolboys wore skirts a few years ago, they made the news. Drag Queens are hardly wandering around in kilts (a skirt-like garment that is socially acceptable for men to wear).
Also, when drag queens wear fake breasts and use names like 'Anna', 'Victoria' and 'Cheryl', they are imitating women. It's silly to pretend they aren't. They aren't using 'effeminate' boys' names like Percival or Gaylord.
The comparison with blackface is a tricky one. I am white myself, so it is not for me to decide whether it is an offensive comparison. I would say that whenever the topic has been debated on Mumsnet before, there has been a mixture of views. I have seen black women agree that it is a fair comparison. Others consider it to be offensive. Personally, currently I am inclined to think there are certain parallels in that you have a traditionally dominant group of people dressing up to mock a non-dominant group, whilst recognising that there is a particular history to blackface that is not present in drag.
Yes, women dress up as men and mock ED etc. That's not my humour. I wouldn't watch it. I don't like humour which mocks groups of other people full stop. However, in general, society recognises that humour that 'punches up' is different from humour that 'punches down'. In the case of drag Kings, you have a non-dominant class of people (women) stereotyping and mocking the traditionally dominant class (men). Now, like I say, I don't like humour like that - I don't think it contributes to a respectful society, but that is the difference.