You can't enter a car into a boating competition. The question here is: if you take basic precautions to make it the same class of boat - a modified car turned into a boat should be a valid entry - provided the engine speed roughly matches.
People worry about cars on water here, not knowing that doesn't exist by definition: any car in water has been modified from a car to be a boat. you may recognize that it was once a car - but that's vestigial shell stuff. the inter-workings are a propeller - not a wheel.
For better or worse nor is our medical science sophisticated enough to swap out the systems to be true comparables (and I don't mean to offend anyone).
The problem is that it isn't a hard binary. All the relevant metrics are going to fall on a spectrum, and there is a significant overlap between the male and female spectra.
The real question is: do you consider it fair if a top 1% male spectrum transitions to a top 1% female spectrum, or it only fair if that top 1% male spectrum ends up at the 50% percentile on the female spectrum?
You can't bring your formula1 to a touring car race just because you feel like it is a touring car.
Personally I think at the top level there should be an unlimited class. within the rules of the sport anyone can enter, then at various lower prestige levels participation is limited according to some parameter.