It is inclusive. Of all females.
Agree with the pp who asked ok, if we surrender that term and concept, what do we call it when biologically female people want to discuss and gather around the specific issues and disadvantages politically and otherwise to being born biologically female?
The answer from those steering this male led, male interested agenda: nothing. No word. No discussion. No gathering. Because we're supposed to pretend we don't exist in that way, so we don't upset male people.
So, that would be no.
I won't co operate nicely with my own oppression thanks.