No circumlocution for "female", no matter how degrading, is ultimately going to be acceptable to those promoting this worldview. Suppose women were to say, ok, fair enough, we don't want to exclude anyone, let's start using "people who bleed" to discuss the shared biology of women and trans men (formerly known as female biology). Women would then be told it is exclusionary to focus on people who bleed. If women were to continue to use the term, they would be told that it must include biological males who identify as people who bleed.
Rather than having a single euphemism for "female", we are told to refer to each female biological function separately (people who menstruate, pregnant people, people who lactate, people who go through the menopause, people with a cervix etc.), making it impossible to talk about female biology as a whole. This is the objective: to stop us talking about female biology as a single phenomenon, or drawing attention to the shared physical experience of females and its importance in our oppression. Which is why no consistent euphemism for female has emerged or ever will emerge from gender identity activism.
This is not just a language game. It's actually dangerous. Fragmenting our language for female biology impairs our understanding of our own bodies, especially for younger women and girls. Women will suffer as a result, not only medically but also psychologically and politically.