Women ultrarunners compete against men and win. Jasmin Paris won the Montane Spine Race, obliterating the competition (the fastest man wasn't even close; a man who previously won the race had to drop out with 4 miles to go.)
Jen Thompson is a 5'5" 138lb woman who bench presses 330 lbs. Looking at some powerlifting meet results, she would beat the top male from a similar weight class, and in some instances I saw, she would have beaten the top male from the next higher weight class.
Billie Jean King beat Bobby Riggs in straight sets in tennis, winning $100k.
Again, women have had barriers to overcome, from societal pressures and attitudes, participation bans, to downright inequality in terms of facilities, equipment, medical treatment, etc. Despite that, they have been able to overcome and are making great progress. Look at Sydney McLaughlin, pushing the world record in the 400m hurdles to the brink of breaking 50 seconds. Now, you might say that the men's record is 46 seconds. But if you consider that men's athletics has had quite a headstart with fewer barriers than women's athletics, then a more fair comparison would be accounting for the effect of those barriers. It is difficult if not impossible to quantify the effects of these barriers, but what if it means that women's sports are essentially a century behind? The men's record back then was 54 seconds. Okay, what if it isn't a century behind, what if it is only 75 years behind? The men's record back then was…50.6 seconds.
Again, impossible to quantify all these, and I'm not going to say that there are no advantages. But let's not overlook the other advantages and disadvantages on the other side of the coin. It isn't as simple as testosterone vs. estrogen.