I’m a trans woman. I started HRT at the age of 16. At that time I was struggling to carry heavy grocery bags primarily due to not working out lol. But my physical shape was no different to my sister or my mom, I practically had no advantage over anyone other girl at school.
I know others who start hormone blockers when puberty start and that makes no difference between female counterparts. When you start hormones, you suppress testosterone, e.g., your body starts losing strength that was caused by testosterone. This resolves in trans women having to workout for longer to achieve results as cisgender males and to gain their strength back.
I’m average female height for my country and never had any athletic genes, if I decided to swim on a regular basis it’d make no difference in competitiveness. While some trans women may have an small advantage, remember that, there’s always some who are born stronger. Some females are born with higher testosterone levels and are likely to have an advantage over me in sports.