Provocative post.
The issue is far oversimplified. There are some 10 chromosome sexes: (XX XXX XXXX XXXXX XXY XY XYY) which can survive the birth process, and other which are stillborn too mangled to live. XXY can be F or M or FM intersexed, XY can be F or M.
There are four brain wirings: F in F-body, F in M-body, M in M-body, M in F-body. These brain wirings may appear in any of the chromosome sex bodies.
There are various gradations of hormone receptors and hormone production. An XY femme is androgen-insensitive with ingrown testes born with exterior femme genitals (vulva, clit, labia, vaginal canal, no uterus, no fallopian tubes nor ovaries) and marked F on birth certificate. She may have F or M brain wiring, and varying levels of sex hormone production and/or receptors.
Depending on sex hormone production there are varying degrees of pheromones byproducts produced and sweated out. M2F trans will give off femme pheromones eventually through HRT metabolism, but of course will forever lack copulin pheromones produced only in a vagina.
Pheromones themselves play a critically important role in sexual attraction. They are in large part producers of our sexual preferences. About 10% of the population is brainwired to prefer same sex pheromones which stimulate the lust centers. The other 90% of the population favors opposite sex pheromone carriers for sexual preference.
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Gays are generally vaginally phobic. They don't want to screw one and they don't want to wear one. They especially don't want to smell one. Listen to a group of queens yakking for a few minutes about cows, their favorite word for females. They prefer their own kind, same sex, despite being hair dressers, and fashion designers and beauticians.
T-Girls are attracted to vaginas to the point of wanting one of their own, but also sometimes wanting one on their lovers too.
That makes T-Girls practically kryptonite to gays and vice versa.
They are not the same, not interchangeable.
You can't plug the square gay pegs into the round t-Girl holes. They don't fit.
Prior to SRS the bisexual ->-bleeped-<- can swing both ways and gays can stand being with her as long as she still has a dick. After the dick is gone, so are the gay lovers.
For various reasons, some valid, some baloney, some potential T-Girls stop at ->-bleeped-<- and never go for SRS. It might be fear of knives, lack of money, health contraindicators, existing relationships (kids, wife, parents). Some stop short of ->-bleeped-<- at TV/CD. Some stop short of TV/CD, with just a mild fetish for an article of femme clothing, maybe shoes or pantyhose.
It could be low pheromone receptors or strong hormone production. It could be half-and-half brain wiring, or 40/60, 30/70. 20/80 brain wiring. It could be formative stage imprinting on certain preferential archetypes. It could be some of everything in varying individual amounts. There's a long way to go to finish the sexology biological research.
So speculating is a pass time of dubious merit.