When they say that transwomen are at more risk than women, when they say transwomen live in a state of perpetual victimhood, when they hold women morally responsible for what men do to transwomen - what they mean is that transwomen's experience is more significant.
Examples:

says "I would guess". He guesses wrong but that's not the point. The point is that the "trans" part makes it more significant and important for him. Femicides are just femicides - an every day occurance. Just women.

says "the statistics are staggering". They are.
Because for some reason 28 murders of transwomen in 1 year in the US is an epidemic, but 6 femicides A DAY isn't.

I asked one of the "transwomen suffer more than 'cis' women" people why things became more significant when it was males who were killed. He blocked

It's not a competition, of course (unless you are Jolyon Maugham and want to override female consent, then it really is a competition that you cheat to win) but the argument is the force behind transactivism. Without the perpetual victimhood, it's just men making demands of women