There is research from 2007 ( https://onlinelibrary.wiley.com/doi/epdf/10.1002/ejsp.440 ) which shows that if is via Internet and women thinks their opponent are men - they show worse results. If gender is not known to both sides - results are mostly same.
It's not currently clear if M2F transgenders should be allowed to play in women competitions.
It is unclear why, this requires further research - the Chess world decided to just roll with it and have separate tournaments.
"I think there is a physical aspect because chess exhausts a lot of energy, especially when games last 6-7 hours, and here women could be more disadvantaged."
Why deny differences in biology to further a false reality?
https://www.chess.com/article/view/hou-yifan-interview-chess