To judge by the comments, most MNs believe that it is an open and shut case that Laurel Hubbard is a cheat and her competing in the Commonwealth Games is unfair.
She is cannot be a cheat as she has disclosed her status and followed the rules.
Whether it is fair or unfair for her to compete is a more nuanced question. The International Olympic Committee has guidelines to ensure that transgender competitors do not have an unfair advantage. These have changed over time but still require the athlete to maintain their hormone levels in the required range for over a year. It is indisputable that by doing this Laurel will have lost a significant amount of strength and power. Whether or not she still has an advantage is arguable - by medical experts.
Other advantages outside of strength are not necessarily advantages in weight lifting. For example, shorter limbs can be advantage in "Olympic" weightlifting.
If Laurel does not have an unfair advantage, why has she come from nowhere to perform at the top level of the women's competition?
As a man Laurel was a talented weight lifter setting New Zealand junior records. Key factors in weight lifters performance are genetics (is it easier for you to build the right type of muscles) and also technique. Laurel is clearly blessed in both of these areas.
One big difference between women's and men's weight lifting is rates of participation. Go to a gym and the weights room are full of men lifting heavy, with very few if any women. Due to cultural stereotypes, a lot of women are afraid of gaining muscles so don't participate. Therefore, even though there are fine female athletes, the expectation must be that men's lifting is far more competitive than women's lifting.
Another factor in a top athlete's performance is psychology. If Laurel was suffering from severe gender dysphoria, it is entirely possible this affected her form as a man. Now that she is comfortable in her gender, it is likely that her relative performance has improved.
In summary, I don't know whether Laurel competing is fair or not. It is a complex area, not an open and shut case. However, we should be celebrating her athletic achievements. We should also be encouraging more girl and women to take up lifting - after all muscle strength is a key element of overall fitness.