EJennings, I don't disagree, but for sake of rounding out ideas, I might suggest that drag rides on slightly different rails by showing males apeing hyper-sexualized femininity as a means of mocking, not women, but homophobic men.
I don't for a second deny there are misogynistic elements to it, much as there are in the gay male community more widely, but the core target of the joke doesn't seem to be women, but rather men who would scorn homosexuality as deviant and unmanly and then be presented by a fantasy attractive feminine creature that is actually a man.
Now, the fact that these are caricatures and sometimes unpleasant ones is undoubted, but I think women are rather incidental to drag rather than the focus, ironically, although that is fairly misogynistic in itself.
Just rolling some thoughts around.