Many studies show with in ~10% female ranges of ability , but, having more fast twitch muscle fiber and bone mass from male puberty if they went through it. Bone mass does eventually drop to female levels but over decades not years so athletes would likely be out of athletic prime before that happens. Studies showing more dramatic results that stand out in my memory that lean toward transwomen outperforming transwomen are studies done on military veterans comparing to general population metrics of muscle mass for athletic activity levels also done with a very low population count I believe they only looked at under 300 trans women. Regardless we need more research, but there are a comically small amount of trans athletes seeking professional level sports, like I think <20 for all college level for instance.

Anecdotally, I found as a deskjob, pilates and casual weight lifting trans woman, I lost dramatic amount of strength and muscle mass. 20 pounds now feels like 50 pounds did for myself pre-transition. I usually participate with women and the instructor/personal helps with modifications usually aimed at women just getting into fitness. Running joke amongst friends is how easily I am outperformed by my female friends at the gym/pilates/etc. However, that's since my body is low testosterone even for females, its checked twice a year because of it, normally It's once a year for most trans people. Other friends retained a lot of their strength, but are mechanics, so its really situational in my opinion, and its a super hard and interesting topic of research because of it