Yes, it's not as if women are permitted to
raise their testosterone to the top of female levels.
There's also a secondary effect that's rarely talked about, which is that the actual performance distribution of suppressed males will not be remotely similar.
In high-level competition, you're looking at the right-hand end of a distribution, in both males and females.
When you impair a male, you do not just shift the performance distribution down 10% (say). It won't be the case that every man will get exactly 10% slower with suppressed testosterone.
We've had various studies showing the average reduction, but whatever it is, some men will lose more, some will lose less. Some may lose almost nothing.
To a large extent, what will matter is how resistant an individual male is to losing testosterone. It may even become the dominant factor - given three testosterone-suppressed males in a women's race the determining factor may be response to testosterone suppression, rather than natural performance or training.
Is it even a sporting competition at that point?