There is no take. She's a woman. She was born a woman. She always was a woman.
She doesn't have XY chromosomes or is in any other way intersex, to anyone's knowledge. She's just a woman that doesn't fit into some people's narrow views of what a woman should look like.
This has nothing to do with trans issues. But it has a lot to do with policing women's bodies.

My take is irrelevant. Here's a reputable news source about the issue: https://www.abc.net.au/news/2024-08-04/paris-olympics-imane-khelif-clinches-medal-in-boxing/104181158

Tl;dr: she is and always has been a woman. The source of the controversy is the International Boxing Association, which claims she "failed an unspecified eligibility test to compete last year over elevated levels of testosterone."

Later in the article, in reference to the IBA: "the Russian-dominated body — which has faced years of clashes with the IOC — has refused to provide any information about the tests, underscoring its lack of transparency in nearly every aspect of its dealings, particularly in recent years."