Yes, this.
I’m not sure that’s the point, parody.
So, if you look at the history of drag, and specifically the regency London “molly houses”, drag seems to have been a deliberate performative exploration of the way society told gay men that they weren’t real men and so must be “sneer” feminine. If you look at drag, the exaggerated curves, the embedded celebration of carrying extra weight, the confrontational dialogue about having sex with men… it’s all about “you tell me I’m not a real man? Fuck you, let me rub this femininity you think I have, right in your face!”
And so yes, it’s a caricature of some of the most in your face parts of being a woman, But “parody” implies mockery. I don’t think women are generally that important to gay men.
The exception is the rich vein of drag, especially uk drag, that celebrates the unbeautiful, working class harridan-type. Lily Savage, Regina Fong, panto dames, and the mainstream, light-ents drag of the two Ronnies, the Pythons and Les Dawson… all driven, uncompromising women created with obvious affection. And paractically the only sex-positive representation of older women in patriarchal entertainment, even now.