I really don't care if trans people want to have their own sporting categories and competitions. That's their business. Good for them. (Although I did LOL hard when the mother of a non binary athlete competing in a non binary category in a race complained that there ought to be separate categories for AFAB non binary people and AMAB non binary people.)
I don't believe that trans women should be allowed to compete in women's categories in any circumstances. Taking oestrogen does not lower their testosterone to anything like the level of a natal woman and it does not negate the physical advantages of having gone through male puberty.
I do think it is unfair that trans men who are taking testosterone are not allowed to compete in men's categories even though their testosterone will still be far lower than that of a natal man and therefore doesn't put them at a physical advantage.
Obviously trans men who are not on testosterone should be welcome to compete in women's categories.
To me, the fact that trans women get to have their cake and eat it, i.e. they can take hormones and compete against women despite still having a clear physical advantage over their female competitors, whereas trans men have to choose between hormones and sport despite the fact that they don't pose any serious threat to the male athletes even if they are on testosterone is one of the clearest examples of how this ideology only benefits natal males.
I don't wish to be unkind, especially since I know that many of these people are neurodiverse or otherwise vulnerable in other ways, but trans men really do come across like useful idiots in a game which really doesn't benefit them in any way. Literally the only point of trans men is so that when we object to trans women in women's spaces, trans activists can post a picture of someone like Buck Angel and say, "Are you saying you want this person in your toilets?"
It's so fucking dishonest.
But anyway.
The sports issue shows that whatever gender anyone claims to be, however anyone identifies or whatever language they use to describe themselves, it's always the ones who were born with (and probably still have) a penis who get the privilege.
So, no, trans women are not the most vulnerable and marginalised people in society. Not even close. They are an extremely privileged group, who have self identified as an oppressed minority based on nothing more than their own subjective claim to "identify as a woman", who have rights no one else has, and whom nobody dares to say no to.