If it's fine for men to be gender non-conforming, it should be fine for them to dress up and be as flamboyantly feminine as they wish, surely?
Why the need for the fake boobs if they are just men dressing flamboyantly and being gender non-conforming? Did Boy George or David Bowie find it necessary to attach fake boobs to their chests?
Drag Queens are dressing as women utilising the most demeaning and offensive stereotypes and exaggerating them to extremes to ridicule women. That is misogynist and offensive.
As NiceGerbil says look at the drag depictions in mainstream television not a single one of them was a celebration of women, women depicted as battle-axes, frumps, or extreme sexual parodies.
It's no more than the superior, in their eyes, sex class punching down on the perceived, in their eyes, inferior sex class.