Correct me if I'm wrong or sound bigoted, but this seems like an inclusive solution. It respects preferred gender, treats participants as equals during the event, doesn't need to bring hormones into the discussion at all, while still addressing TERF-y arguments about supposed fairness.

Transgender and cisgender women can compete at the same event geared for all women, and each athlete is treated the same throughout the competition, until the results. The only change being simply having separate rankings and sharing the podium: the top transgender and cisgender women can both take 1st place, if organizers judge that having been AMAB is a physical advantage for that sport.