Literally the only reason we have a separate category of women's sports is because, on average, women are physically weaker than men. If both sexes could compete against each other, women would barely exist in elite sports. If that wasn't the case, there'd be no justification for excluding cis men from women's sports. After all, being male is "just another advantage" like being tall, right?
On average, cis women are physically weaker than trans women also, and so the same logic applies.
The only equitable solution I can see is a third category of trans sports, where trans people compete against each other