I put YABU, although I don't feel so black and white about it as some drag is offensive and I'm sure some individual drag queens are misogynistic.
However, I'm a feminist and generally very sensitive to misogyny, and - from watching Drag Race at least - I just don't get the vibe that drag in general is mocking women or punching down.
A lot of the queens I've seen on Drag Race are incredibly talented singers/dancers and create amazing fashion looks. The majority of them are young gay men who enjoy flamboyant clothes and makeup, and have had a lot of abuse and rejection for being gay and 'feminine'.
I think of drag as a theatrical tradition that says screw you to gender, and it's a way that the drag queens can embrace things society has told them that as men they're not supposed to enjoy.
I'm watching the season with La Voix and she's great, really warm, talented, and amazing stage presence, kind of an old time showbiz feel. (I'd use 'she' for La Voix as she's a female character, but he for the man. He appears out of drag on the program - there's no pretending he's actually a woman!)
I know I'm in the minority on this thread. I did previously assume I'd hate drag as a feminist, until I watched a few series of Drag Race with DD. Honestly I just feel a kind of solidarity with the queens when I hear their stories.