Matching weight classes does NOT make anything fair. There is a significant gap in strength between males and females even compared pound for pound:
WHSPA State Records - WHSPA here's a sample of highschool state records in my old stomping ground of Wisconsin(I'm using this because it's a pretty straightforward chart with male/female weight classes, apologies if it seems arbitrary), at no weight class do females have the same totals though they generally keep up with deadlift/squat, bench and is always notably lower in the same weight classes across gender. Regardless of whether she's taking hormones now, 30 years of natural male hormones surely had some impact on her body.
Overall I think she probably has an advantage, but for what it's worth she has only fought amateur fighters with poor records. Personally I have more of a problem with wrestlers that have no legs. Sure they don't have legs but if someone is 160 lbs without legs- and legs make up about 40% of your body weight that means he has the torso build of a 250+ pound man- not to mention whatever superhuman wheelchair strength they have from scooting around all day.