Virtually all men with functioning testicles have higher T than all women. This is because testicles produce T at 10-50x the rate of ovaries.

Men going through puberty see permanent changes to the body. You cannot undo this. It gives MTF permanent advantages compared to women.

They are stronger than women on average even after years of being on estrogen.

As for the variance naturally seen, you're right. But consider this

Who ends up becoming a top athlete? The very best, right? So they are already near the top of the bell curve. So when you compare athletes, you're not pulling random samples from the entire population.

You're pulling a random sample from the people with highest T, densest bones, highest rate of fast twitch muscles, etc.

The male maximum and the female maximum is vastly different. This is why we see such a massive difference in performance.

Presence of hormones currently in the blood does not entirely measure this.