I think very few men who identify as women do anything to their genitals. Indeed, the fake boobies may heighten their delight in their male genitals. Some do, but it doesn’t make them women any more than men who have had surgery for penile cancer etc.
Males can have paraphilias (fetishes) in a way that women really don’t. They can have a number of them, and they can escalate as they need more and more to keep the thrill. They can escalate in a way that can be a danger for women and children.
‘So the answer is to treat all transwomen as dangerous predatory men?’
Well, just like all other men really. Although, it appears from the prison statistics that proportionately a higher percentage of men who say they are women, are in prison due to convictions sex offences. In comparison to other men who do not say they are women.
So, not less likely than other men to sexually offend. Or to put that into terms, to be dangerous, predatory males.