MN is the only place I feel able to voice what is quite a complex position - where I don't feel pushed to one extreme or another. I had a long term relationship with someone who had gender dysphoria - they were not a dangerous fetishist, they were (are) a lovely, kind, vulnerable human being who I loved very much.
They did become very self-absorbed as they transitioned and needed to not be part of a couple as they went through that (and I needed a partner who cared how my day had been too!) But are still friends.
So I think that dysphoria is definitely A Thing, and even A Thing I would not wish on my worst enemy. I fully support their wish to live 'as if' they were a woman, because it helps them feel better and they were suicidal. But they (preferred pronoun) know that they are not a woman, never will be, and would never wish to erode women's rights. They live pretty quietly, to be honest, because it is a source of constant pain to feel so 'wrong' in oneself, but there you have it.
From my reading of peer reviewed papers on the subject (am academic) there does seem to be something different about the body imaging bit of the brain in people with dysphoria. But there is no such thing as a 'lady brain' or inherently feminine, gendered characteristics. Gender dysphoria doesnt therefore seem to be about gender at all, but rather a sense that the sex of one's body is misaligned to one's deep perceptions of what it should be.
At the same time, I am a long term supporter of the LGB movement (as it was when I joined). I campaigned twenty years ago for those undergoing hormonal and surgical intervention to have the right to private bathroom facilities, and to be protected at work from bullying or discrimination. At the same time, LGB campaigners knew that opening our doors to those with genuine dysphoria would also open the doors to fetishists who just liked to dress as women, have everyone call them she, and then jack off furiously in the back row (the Wanky Wendys as we used to call them).
So as far as I can see there are, and has always been, very different reasons why a biological man may dress as a woman, and we need to talk about those. I hate the idea that a Wanky Wendy would be allowed into a communal changing room or (worse) a women's refuge, whereas people like my friend have genuine needs and would prefer to quietly use 'third spaces', but these are often not available.
It all seems a dreadful muddle and there are few spaces left where it is ok to talk in more nuanced terms. I have given up going to LGBT meetings now as anytime I voice support for dysphoric people without stating that 'transwomen are women' I get called transphobic. Which given that I was out campaigning against trans hate 20 fricking years ago is just.... 
So I can't say I have reached 'peak trans' as I still wish to protect dysphoric people, but some of those transactivists are really Orwellian...