Of course it's parodying women! But like OP said, not to offend us, because women don't feature here, outside of being the object of men's parodying gaze. Initially it was a sub group of homosexual men's gazes, now heterosexual men can join in. If they're man enough.
The acts traditionally very much took the piss out of women - again, as viewed through the eyes of a sub group of homosexual men.
A lot of names and/or "jokes" made reference to women's genitals, in less than favourable terms both in terms of how they look and also - apparently - smell. By men who were not attracted to women.
A significant trend in drag has been the degradation of women. Not the only, or whole one, but one of the trends. All the while being barely camouflaged as art, because they lip sync ok and the hair/wig and makeup are incredible. Some are very skilfully done, definitely not all are though!
It's also not like women dressing up as men, that's too broad. It's like lesbians dressing up as men, choosing punny names related to men's testicles or penis, suggesting how disgusting/dirty they are. Then doing a show that portrays men in a negative stereotypical way (bro-culture, emotionally obtuse, etc). And then being on prime time television spots because the way they make false beards and bushy eyebrows and thicken their jaw line and even put on an Adam’s apple is art. As is their lip syncing to whatever.
It would never happen. Why? Because there's NO WAY the average man would - either now or over the past 20 years as drag has risen it's profile, find it artful and entertaining to be parodied almost exclusively by lesbians.