Obviously this won’t work for all sports, but things like football, track, soccer, it would allow for de-gendered team, even allowing athletes with the skills but not the genetically-endowed physical attributes to have a place to play.
Note: I know very little about sports and being on a sports team, so please point out anything that doesn’t make sense.
Even then there will still be physical differences. Higher testosterone levels increase the strength of individual muscle fibers and cause the body to produce more red blood cells. Muscle in males is stronger per pound and fed more oxygen.