"I think their records aren't so impressive as to think they have any advantage because of their biology beyond that of other athletes, most of whom will have a build/height/weight that advantages them in their chosen sport."
Here is another good explanation about competitive advantage. Particularly those who say, 'all great athletes have competitive advantage, why aren't they excluded' or shit like that.
It has links to relevant information embedded so it is best to see it on twitter.
https://x.com/FondOfBeetles/status/1374331296143581186
But here is some of it:
Phelps' wingspan:height ratio is 1.04. It's straightforward to find other males with the same ratio who are slower than Phelps in some strokes, but who are faster in others. e.g. Matt Grevers. Ratio 1.04, slower freestyle than Phelps, faster backstroker than Phelps. Interestingly, despite the same wingspan:height ratio, he's, in absolute numbers, generally bigger than Phelps.
What you never find is a female with the same wingspan:height ratio who is there or thereabouts compared with Phelps. Missy Franklin has a ratio of 1.03, yet is over 10% slower than Phelps.
It's almost like wingspan:height ratio isn't discriminatory in the pool. Even absolute wingspan or absolute height isn't discriminatory.
And there's a very simple reason. When you select, on national or international levels, for athletes that are good in a particular discipline, you will tend to pull through an entire group who all share the general advantage (in this case, swimmers are tall with long arms). Phelps, with height (not the tallest) and wingspan (not the widest, nor the biggest ratio) is, for sure, built to be a better swimmer than almost every other person in the world. But his body shape is not particularly extraordinary within that group of competitive swimmers.
To argue that his advantage is extraordinary within the entire male population, sure. Well, I wouldn't go with unfair, but's a real advantage. But he doesn't race against the male population. He races against other males who are likely to share the same advantage.
This is why The Phelps Gambit (trademark pending) is nonsense, and immediately flags that the person asserting it has read numerous MSM stories about the glorious physique of Phelps (and he was glorious, absolutely), without applying any deeper analysis.
Men can have long arms. Women can have long arms. Men with long arms are better swimmers than women with long arms.
TL/DR: Male athletes who reach the peak of their sport, who have gone through any degree of male puberty have unbeatable advantages over female athletes. However, they do NOT have unbeatable advantages compared to OTHER MALE ATHLETES WHO HAVE GONE THROUGH MALE PUBERTY.