I have mixed feelings on drag. Am GC and conscious of misogyny, particularly within the trans movement.
A friend at uni used to love going out in a dress and makeup if the occasion had any call for it. He'd wear his girlfriend's, no exaggeration whatsoever but because he looked obviously and unapologetically a bloke - it was pretty funny. It's hard to explain why it was funny, but it really didn't feel like he was making fun of or demeaning women. It felt like he was making fun of himself.
I don't mind when drag owns what it is - which is a man, who everyone knows is a man, getting to have a bit of fun doing the stereotypically girly glam stuff, but it being sort of hilarious / ridiculous because he's obviously a big burly bloke.
To be fair I do think women in male-drag can be funny, if they're subverting male stereotypes. I thought Jenna Dewan's drag dance off performance was funny. She sort of leaned into the gold chains, ridiculously baggy trousers, crotch grabbing thing. But her physicality was probably against her because she didn't body-wise look that far off just being a teenage boy. Women dressed as men tend to look just like butch women, or possibly pretty/teenage boys rather than something new/different or really subversive.
I think it's also harder to be funny/entertaining as a woman in drag because apart from a few niche stereotypes, what has masculinity got really? Buzz cuts, grey trackies and suits? It's all rather boring. Everything good that masculinity has in terms of fashion, women have already mainstreamed for themselves.
A man dressed in drag has a distinctive look because men don't usually wear makeup or dresses etc. If men were normalised to wear these things then drag would cease to be subversive and would die out.