No. I don’t think it is a valid distinction. They are male and should respect the needs of female people. Even if it is not all female people who declare they need their spaces without male people. The fact that a male has had extreme body modification doesn’t make them female.
We know that there are male people who have had even that extreme body modification and still don’t enter the female toilets or changing rooms.
Good male people stay out so that we know which male people don’t respect us.
Even if there is no penis to rape a female with, there are significant body differences that can over power female people. Even a small male has more grip strength and punch power than an equivalent size female. It is not just about rape.
It is not just about attack either. No surgery or hormones can change a skeleton, so skeletal proportions are noticeable. Including the impact on gait. So, while facial feminisation might distract some women if it is good enough, many of those operations are not, those do not remove all male cues.
Also, female people have always and will always use female toilets for a lot more than just peeing. Some of those needs require cubicle doors to be open or happen in the public area around the basins. Why should any female person expecting to have privacy from any male gaze be subject to a male person’s presence because those male people insist on being there? Or because a small group of women who either have never thought about those women cleaning their clothes while half dressed or who know women did it but didn’t give a fuck about those women and girl’s needs because ‘they are fine with being seen by a strange male person while in that position’ told their mates or their brothers or their sons to just don’t worry about those women, you go right in.
I don’t think having someone’s cock chopped off or their face peeled of their skull and their bones shaved matters. And it would be cruel for any male person to think that they should do this to get access to somewhere where they simply should accept they don’t belong because female people have needs beyond ‘just peeing’ and male people should respect that.