Looking into it and found a plausible reason we'd have different takes on it. Im british, the UK's Creative Diversity Network has specific data on this. Transgender performers accounted for 1.3% of scripted TV contributions in 2019, falling to 0.8% in 2025, compared with a population benchmark of 0.5%. So at least here, representation does appear to be declining towards population proportionality, rather than falling below it.
Whereas in the US its at about one eighth of the relative population percentage, which is fairly mad.