A note about passing privilege: it's a bad thing that it exists, in that because of ones appearance they are turned down on opportunities they would have if they're perceived as cis. At its extreme, not passage brings your legitimacy of your humanity into question.

Yes, trans woman can have the privileges of cis males at some point, but keep in mind the cost of that privilege is all of society gas lighting your gender for decades. Ever wonder why it can hurt a transgender person deeply when they're misgendered? Because they've been misgendered millions of times in their entire lives. Society didn't know the better, but intent doesn't matter. Still hurts. These male privileges reinforce a male gender identity, so any benefit they receive comes with yet another anti-mirroring message of "you are not a woman" They don't want it because it invalidates their core essence.

In the context of everything, why is this privilege a concern in light of all the disadvantages? They get to put in their "time" by being demoted below cis woman in the "valued member of society rankings" doubly so if they're a person of color. They can now be harassed/discriminated/assaulted/killed because they're woman and trans. Their mental fitness can now both be questioned because they're a woman and they're trans, and they also get legitimacy of their gender questioned by everyone including the medical community (want facial surgery to look like a cat, no need for therapy before operation. Don't want a penis? Clearly we must evaluate this person using multiple professionals over the course of 12 months) They risk their jobs, family. Ultimately, a trans person who has come out is saying, "welp, this all can end with me poor, homeless, friendless, familyless, and murdered in a ditch. But it's still better than living like a man or a woman." Male privilege is a big problem in society, and trans woman are also injured being they're both transgender and women.