Who are these drag performers who mock femininity rather than femaleness by refusing to use either hormones or some form of breast, hip and buttock padding to create the illusion of a female figure.
I think we are talking about two different things here - I'm talking about drag queens in gay bars like 30 years ago (some - by no means all - definitely used padding but I doubt anyone was using hormones). I think it has morphed into something much more horrible in the last few years. Whether that's happened because it was inherently misogynistic in the first place is arguable. I don't know and I don't know how I would even go about working that out. It may be the case that the misogyny is inherent but not as explicit or central to drag then as it is now - I think that culture in general is way more misogynistic now than it was 30 years ago.
But to get back to the original point, I think that this is one of the things that makes comparing drag to blackface a bit more complicated than it might be - I may be wrong, but I'm definitely not the only person who has, in times gone by, seen drag as less woman-mockery and more subversive comment on gender. I doubt most people would be able or want to make a case for any kind of positive or subversive element to blackface at any point in its history.
I think the fact that it's not so straightforward would suggest that tactically speaking, it might not be the most useful comparison to draw. Also there's the fact that a lot of women really like drag, even in its modern form, and find it entertaining and funny. I would bet (don't have stats) that the majority of viewers for Rupaul's drag race are women. So that alone could easily take the argument into the weeds.
I don't disagree, as I've said, that mainstream drag is now horribly misogynistic. I do think saying it's the same as blackface is a difficult line to take in an argument, though, for the reasons I've expressed here, as well as the reasons given by those who feel it's an appropriation of arguments about racism.