I think probably it’s a little more about the specific act and content of their show rather than drag in general then.
I think this is true.
Dames or principal boys in pantomime, or 'breeches roles' in opera and ballet don't bother me at all. It's actually quite interesting which ones you're supposed to buy into and which are done tongue in cheek.
Sometimes it's played completely straight — you're supposed to believe Prince Charming and Dandini, or Octavian in Der Rosenkavalier, are men.
I've seen ballets of Cinderella where men play the stepsisters that fall in the middle, where the extra height and strength is used to be 'scary', but there's no acknowledgement that they're men. Similar with La Fille Mal Gardée, although it's used for comic effect there. Pantomime dames on the other hand — both the Dame and the audience know it's a man in the role.
With others (still drag in the sense of dressing up), there's a man who's playing a character who just happens to be a woman. Like this from The Two Ronnies. The joke is on the characters (both male and female), not "women" in general.
What I'm not very keen on is the new 'high fashion' drag. I don't know enough about the history of American drag to say much about it, but it seems quite different. There doesn't seem to be any of the 'affection' for the character that, say, Paul O'Grady had as Lily Savage. Instead it's about the clothes (no problem there) and then a generic 'bitchy' persona, almost as an afterthought.