
I do not think so and think people arguing otherwise are advocating for transphobia. There's lots of scientific evidence that demonstrates when trans women go through gender affirming hormone therapy, they become biologically indistinguishable from cis women. Even if that wasn't the case, we should allow trans women to participate as women because trans people of all genders (women, men, non-binary) deserve dignity and the same recognition of their gender that we cis people experience.
I also want to note that while we should support trans athletes participating as their gender for moral reasons and equality alone, it's also important to note barring trans people from sports isn't good for cis people either as any cis person who does not meet all aspects of the gender binary face lots of harassment and scrutinity. It's unfortunately already happened to some cis athletes
I also want to note that notice how when this topic comes up, transphobes act like trans men and non-binary people don't exist at all and are super aggressive and transphobic towards trans women which goes to show they don't actually care about cis women, they just want to be misogynistic and transphobic and erase trans identities