No, athletes should compete based on the biological sex that is listed on their birth certificate

"Biological sex" is itself a very brosd generalisation encompassing a person's genitalia, reproductive capabilities, genetic makeup, physical development and outward presentation which, biologically speaking correlate with each other but are by no means possible to strictly categorize. A binary view of physical sex like this is a helpful generalization when teaching to children but the actual biology is far more complicated. Even ignoring that, the idea that "biologically male" peoppe have some inherent physical advantage over "biological females" is itself an inaccurate, deeply sexist stereotype based on decades-old mysoginist pseudoscience designed to primarily to protect male athletes from being forced to acknowledge that women could be better than them.