There is an enormous amount of noise being made about the alleged advantage that transgender women have in athletics. First, let me start off by saying that the topic of athletic performance is not an area of expertise for me, so what follows is largely my opinion, bolstered by observations about what I see in the academic materials published.
Broadly speaking, the claims of "an advantage" hinge around the development of secondary sex characteristics from a male puberty. Generally speaking, these claims fall into a small range of categories relating to skeletal structure, muscle mass, and height, and so on.
A superficial look would suggest that a male certainly does have "an advantage" in athletics, and to some extent that is borne out by marked differences between male and female record performances in various forms of athletics. However, it's a much more complicated discussion when we start talking about transgender athletes.