Even tho both are AMAB, a trans woman's biology is quite different from a cis male biology. I mean, the whole reason HRT works is because is biology. I don't have numbers to back this up, but I think medication and surgical history are much more significant factors than gender-assigned-at-birth, those I can see the presence or absence of sex-differentiated organs (both internal and external) could be as relevant as surgical history.
Anyway "trans women are biological males" is certainly wrong, and it is mostly likely a "dog whistle" version of "gender transition is a myth". And, while "trans women are women" might not be full of every possible nuance, as a 4-word phrase it is accurate enough for me.