They may lose some muscle mass, but not muscle density, nor bone density, larger skeletal structure, larger lungs, more adrenaline, a higher degree of twitch muscles,,,
There is a reason why women's sports exist in the first place, and it isn't as an excuse to wear tights as opposed to loose shorts. Women have noticeably larger muscle mass below the waist then men do, but they're not beating them on track and field. That added muscle is for endurance, especially when carrying offspring, it's not for making them better at chasing down prey than men can.
This is why females who have transitioned to males competing in men's sports isn't making headlines. Hormones may help to pack on the muscle mass, but no amount of testosterone is going to make them more efficient at chasing down antelopes and throwing spears at them than men can.
Not saying that there aren't (biological) women who can't beat men, but the overall average...