Yes, I really dislike it and agree it is an unpleasant parody of women.
I accept that plenty of the performers and watchers of it don't recognise it as such, but in my opinion that is because a poor attitude to women is so prevalent and ingrained in our society as to be unnoticeable.
It rests on the idea that women aren't 'really' oppressed despite egregious examples in very recent history that everyone would now agree are outrageous (such as it being legally impossible to rape your wife until 1991, women being denied the vote on equal terms to men until 1928, women being barred from university and required to leave any job they had upon marriage or childbearing (see the recent thread on here)). I only mention these as they're far harder to deny than ongoing examples that no-one wants to look at.
If you accept that women are an oppressed group, or even have been in the recent past, then drag becomes pretty indefensible because it's performed by the oppressor class. I don't buy the "it's a compliment / affectionate / just a bit of fun / not meant to be offensive / really nothing to do with the people parodied" line any more than I would buy that argument if people were grossly exaggerating and sending up stereotypical physical characteristics of disabilities.
The only remaining argument seems to be that it is a subset of the oppressor class (gay men) who are doing this and it's ok because they are also oppressed. First, it is by no means always the case that only gay men perform drag. Second, you don't get a pass on being judged for offensive behaviour towards one group because you're a member of another (it's not ok for disabled people to behave in a racist manner, or black people to behave in a homophobic manner etc.)
Perhaps this all sounds very po-faced (I actually am pretty fun at parties...!) but I don't for a second think it should be banned or people 'cancelled' for doing it. I try to practice what I preach and I think freedom of speech and expression is important even when I find a particular exercise of it distasteful.
However, I absolutely draw conclusions about the likely attitudes towards women - conscious or subconscious - of people who do it and enjoy it.