But that is what makes it doubly offensive to my mind. Although I find it less offensive when done by a woman. Not better, mind, just less offensive.
I'm going to try to explain.
Femininity is a social construction.
And it is a social construction which is fundamental to the subjugation of girls and women. Femininity is a collection of imposed customs and behaviours which designate females as the inferior sex class in society.
Femininity is not femaleness or girlhood or womanhood but it is what male dominated society demands from us in order to both inferiorise us and for us to demonstrate our submissive capitulation to that inferiorisation.
In other words, it's deeply sexist and very political.
Therefore a man (or a woman) "performing" (or parodying or imitating or "celebrating") femininity as some form of light entertainment is deeply political and rooted in profound sexism. Whether the performer intends it to be or not.
And it's fundamentaly offensive when done by men (because it mocks female oppression) and deeply sad when done by women (because it mocks our own oppression).
I suppose in theory it would be possible for a very switched on woman to parody drag as a parody of sexism and somehow make a feminist point but I think it would be more effecient and clear to just call out drag for the misogyny it is in the misogynistic society it occurs in...