So instead it's actually a woman on what amounts to a mountain-load of performance enhancing drugs?
He's a man on normal male baseline levels of testosterone, which relative to cis women or trans women who have been on HRT for any meaningful length of time means that yeah, he's basically on a fuck ton of performance enhancing drugs. This is why it is dumb as fuck that he is forced to compete as a woman.
Trans men competing as men is an absolute non-issue. Trans women who transition early, taking puberty blockers and then HRT are a non-issue, too. The athletic advantages of male anatomy only show up after puberty, and a transition that preempts that leaves no competitive edge behind.
I will admit that the question of trans women who transition post-puberty is more complicated. HRT pretty much eliminates any advantage at the muscular level, but it doesn't greatly alter bone density or cardiovascular capacity, both of which are typically higher
on average for folks with a post-puberty male anatomy. It's still actually within the normal range of variation among cis women, but the
average post-puberty transitioning transgender woman is going to have some small but certainly not meaningless competitive advantage over the
average cisgender woman.
The thing is sports aren't competed between the on paper averages of demographic segments, they're competed by individuals, and the vast range of individual variation makes the averages pretty much meaningless. Then there's the math. Cis women make up half the population, and trans women account for maybe a quarter of a percent. There are so many
more cis women than trans women that the chances are that the best cis female competitors will almost always be better than the best trans competitors, and reality has born that out. Most or all Olympic sports allow trans competitors to compete as the gender they identify as, provided that they have undergone HRT for a specified length of time and their T levels fall within normal female baselines, and have for some time. No trans woman has ever even so much as
qualified for the Olympics, though many have tried. Sport isn't the search for the center of the bell curve; it's a search for the outliers.